All of the following would affect the position of a country's production possibilities curve, except:
A. technological progress.
B. the amount of the capital stock.
C. the quantity of labor.
D. the level of unemployment.
Answer: D
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Holding all other forces constant, when the price of gasoline rises, the number of gallons of gasoline demanded would fall substantially over a ten-year period because
a. buyers tend to be much less sensitive to a change in price when given more time to react. b. buyers tend to be much more sensitive to a change in price when given more time to react. c. buyers will have substantially more real income over a ten-year period. d. the quantity supplied of gasoline increases very little in response to an increase in the price of gasoline.
In the modern U.S. economy, most transactions are made with
A. cash. B. gold and silver. C. credit cards. D. checking deposits.
Which of the following actions did Congress NOT take in the 1930s, in an effort to prevent future financial crises like the stock market crash of 1929?
A. Federal Reserve Act B. Glass-Steagall Banking Act C. Formation of the FDIC D. Formation of the SEC
Which of the following would not be classified as an economic resource by economists?
A. A professional soccer player. B. Water in a town's reservoir. C. Money in a business checking account. D. The manager of the local hamburger restaurant.