The faster economic growth is, the
A) steeper the slope of the production possibilities curve.
B) closer to the origin the production possibilities curve becomes.
C) more bowed the production possibilities curve becomes.
D) farther the production possibilities curve shifts out.
D
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In Macroland, 500,000 of the 1 million people in the country are employed. Average labor productivity in Macroland is $20,000 per worker. Real GDP per person in Macroland totals:
A. $10,000. B. $1,000. C. $40,000. D. $15,000.
When economists state that the opportunity cost of a product increases as more of it is produced, what do they mean? For instance, what is the opportunity cost? And, where in a PPF diagram does this statement apply and where does it not apply?
What will be an ideal response?
Private firms and public bureaus differ in the sense that
a. only private firms employ capital b. public bureaus usually show a profit c. some public bureaus are inefficient d. ownership of private firms is transferable e. ownership of public bureaus is transferable in the marketplace
A rise in net exports shifts the
A) AD curve leftward. B) AD curve rightward. C) SRAS curve leftward. D) SRAS curve rightward.