Workforce quality arguments are very difficult to prove for the period of 1970–1990 because during that period SAT scores
A. and graduation rates increased.
B. increased and graduation rates decreased.
C. and school attendance rates decreased.
D. decreased and school attendance rates increased.
Answer: D
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A supply curve slopes upward because a. as more is produced, total cost of production falls
b. many firms will experience increases in their costs of production as their output rises so they need a higher price in order to induce them to produce more output. c. the higher the price per unit, the greater the profitability generated by supplying more of that good. d. both (b) and (c).
Which of the following is a true measure of national output?
a. GDP at market price b. Nominal GDP c. GDP in current dollars d. GDP in constant dollars
The U.S. dollar is so widely traded partially because the New York Stock Exchange is the biggest foreign-exchange center in the world.
a. true b. false
When the production possibilities curve has shifted outward, what has happened?
a. Efficiency has dropped significantly. b. Workers are being underutilized. c. Scarcity has increased. d. Factors of production have changed.