Referring to a production possibilities curve and the goods being compared, depict the economic event. Computerization in the 1990s launched thousands of new businesses in the United States (capital goods vs. consumer goods).
A. A movement from a point inside the curve to a point on the curve
B. A movement from a point on the curve to a point inside the curve
C. A shift in the entire curve to the right (outward)
D. A shift in the entire curve to the left (inward)
C. A shift in the entire curve to the right (outward)
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How does the U.S. economy rank in size?
a. first in economic output b. second in economic output c. third in economic output d. fourth in economic output e. fifth in economic output
A curve that describes the relationship between the price of a good and the amount a particular consumer purchases (holding the consumer's income, preferences and all other prices fixed) is called:
A. a price-consumption curve. B. an individual demand curve. C. an income-consumption curve. D. a budget line.
Which type(s) of economies interact with other economies?
a. only closed economies b. only open economies c. closed economies and open economies d. neither closed nor open economies
The restriction or prohibition of trade in order to put political pressure on a country is:
A. a source of quota rent. B. a tariff. C. unfair practice. D. an embargo.