If the population and labor base of Laurent’s country increases by 2 percent every year, how will this affect the production possibilities curve?
a. The curve will be rendered obsolete.
b. The curve will be shifted outward.
c. The curve will be shifted downward.
d. The curve will be unaffected.
b. The curve will be shifted outward.
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A) increase; higher B) increase; lower C) decrease; higher D) decrease; lower
Which of the following is NOT a category in the U.S. balance of payments account?
A) current account B) past-due account C) capital account D) official reserve transactions account
Economists tend to view taxing polluting activities as an attempt to
What will be an ideal response?
Refer to the scenario above. What is the change in total revenue due to the price change?
A) The total revenue increases by $350. B) The total revenue increases by $3,400. C) The total revenue decreases by $1,650. D) The total revenue decreases by $2,275.