Using a production possibilities curve, a technological advance that increases the amount of output for both goods while using the same amount of inputs would be illustrated by which of the following?
What will be an ideal response?
An outward shift of the curve.
You might also like to view...
Which school of thought believes that real GDP always equals potential GDP?
A) only classical B) only Keynesian C) Monetarist D) both Keynesian and classical
A surplus results when a
a. nonbinding price floor is imposed on a market. b. nonbinding price floor is removed from a market. c. binding price floor is imposed on a market. d. binding price floor is removed from a market.
The law of increasing costs states that
A. opportunity costs decrease as more of one good is produced. B. increasing resource prices are inevitable because of scarcity. C. opportunity costs increase as more of one good is produced. D. resources can be easily adapted to the production of any good.
Gross domestic product (GDP) equals the ________ of final ________ produced within a country during a given period of time.
A. market value; goods B. market value; goods and services C. quantity; goods and services D. market value; services