The production possibilities frontier will shift if there is a change in
a. technology
b. unemployment
c. product prices
d. society's preferences for commodities
e. the quantities of the two goods being produced
A
You might also like to view...
The minor league system in professional baseball can be thought of as a
A) screening tool. B) signaling tool. C) form of statistical discrimination. D) being used for the wrong reasons.
Which of the following is a good example of government's attempt to correct for macroeconomic externalities?
A. Preventing excessive amounts of pollution B. Providing for smoke-free public spaces C. Maintaining full employment D. Providing public goods
Which of the following explains why the original Phillips curve relation disappeared or, as some economists have remarked, "broke down" in the 1970s?
A) Individuals assumed the expected price level for the current year would be equal to the actual price level from the previous year. B) Individuals assumed that expected inflation would be zero C) Individuals changed the way they formed expectations of inflation. D) Monetary policy became contractionary. E) More labor contracts became indexed to changes in inflation.
The additional output that can be produced by adding one additional unit of a specific input is called marginal product.
Answer the following statement true (T) or false (F)