If an economy begins to use its resources more efficiently, it will move
A. from one point to another point along its ppf.
B. closer to its ppf.
C. from a point along its ppf to a point outside its ppf.
D. farther away from its ppf.
Answer: B
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When the GDP is measured using "adjustments for price changes" it is known as the
A) real GNP. B) nominal GDP. C) real GDP. D) nominal GNP.
The economist credited with pioneering the "new growth theory" is
A) Milton Friedman. B) Jia-Tzu Weng. C) Paul Romer. D) Julian Simon.
A perfectly competitive wheat farmer in a constant-cost industry produces 3,000 bushels of wheat at a total cost of $36,000. The prevailing market price is $15. What will happen to the market price of wheat in the long run?
A) The price remains constant at $15. B) The price falls to $12. C) The price rises above $15. D) There is insufficient information to answer the question.
At a fair carnival roulette wheel, a player can either win $10, $30, or $80 . If the player were to be made indifferent between playing the game or not, how much should the owner charge him?
a. $30 b. $40 c. $50 d. $80