Ceteris paribus when technological change allows a smaller amount of a resource to be used in producing any combination of two goods, there will be:
A.) A movement along the production possibilities curve.
B.) An outward shift of the production possibilities curve.
C.) An inward shift of the production possibilities curve.
D.) No change in the production possibilities curve.
B.) An outward shift of the production possibilities curve.
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Which of the following is NOT a determinant of consumer demand?
a. tasters and preferences b. household income c. the state of technology d. prices of related goods
Cuba spends the highest percentage of GDP (18.7 percent) on education while the United States is the 38th highest spender with 5.7 percent of GDP
If spending on education is important for economic growth, which of the following statements explain why Cuba's economic growth rate is lower than the U.S. economic growth rate? (data from United Nations Human Development Programme) A) Cuba trades with many more countries than does the United States. B) Cuba doesn't offer property rights that promote innovation. C) Cuba's population is smaller than the U.S. population. D) all of the above explain why Cuba's economic growth rate is lower than the U.S. economic growth rate.
Suppose a market with a Cournot structure has five firms and a market price elasticity of demand equal to -2. What is a Cournot firm's Lerner Index?
A) .1 B) .2 C) .5 D) 1
The demand for foreign currency is derived from the demand for that country's goods and services
a. True b. False Indicate whether the statement is true or false