A particularly strong expansion is called a(n):
A. output excess.
B. boom.
C. bonanza.
D. growth recession.
Answer: B
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Which of the following would most likely cause a country's production possibilities set to shift outward at every point along the frontier?
A) a decrease in idle capital B) a decrease in unemployment C) a general technological advance that affects all sectors of the economy D) a technological advance in only one sector of the economy E) none of the above
"Comparative advantage" is defined as a situation in which one person can produce
A) more of all goods than another person. B) more of a good than another person. C) a good for a lower dollar cost than another person. D) a good for a lower opportunity cost than another person. E) all goods for lower opportunity costs than another person.
A corporation is owned by its
A) employees. B) stockholders. C) CEO. D) board of directors.
Economic growth in China ________
A) would have been impossible in the absence of its impressive record of financial development B) occurred despite limited domestic financial development C) can continue indefinitely without additional financial development D) has occurred despite a relatively low domestic saving rate