Which of the following statements is not correct?
A. An increase in a nation's labor supply will cause its potential output to increase
B. Economic growth can be illustrated by an expansion of a nation's production possibilities curve
C. An increase in the quantity of a nation's resources will cause economic growth, but an increase in the quality of resources will not
D. New technologies or new ways of producing output can cause a nation's production possibilities curve to shift outwards
Answer: C
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When the slope of the total production curve steepens, it means:
A. the marginal product must be increasing. B. the marginal product must be decreasing. C. diminishing marginal product must hold. D. None of these is true.
To say that a price ceiling is binding is to say that the price ceiling
a. results in a shortage. b. is set below the equilibrium price. c. causes quantity demanded to exceed quantity supplied. d. All of the above are correct.
_____ is the reward savers earn for deferring consumption.
Fill in the blank(s) with the appropriate word(s).
Consider two people involved in a marriage or relationship. If, when one person is caught cheating on their agreement, the other cheats once as a punishment. In this example, then they are using a:
A. tit-for-tat strategy. B. grim-trigger strategy. C. dominant strategy. D. predatory strategy.