The graph below shows the production possibilities curve for an economy producing two goods, X and Y. All of the following may allow the economy to produce combination D in the future, except?
A. Lower unemployment
B. Increasing labor supply
C. Economic growth
D. Technological advances
Answer: A
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As John's income has increased, he has purchased fewer hamburgers. Hamburgers are
A) a normal good for John. B) an inferior good for John. C) not following the law of demand. D) leading to a rightward shift in John's demand curve for hamburgers.
The use of abstraction in economic analysis is one of its primary weaknesses.
Answer the following statement true (T) or false (F)
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the short run would be:
A. P1 and Y2. B. P2 and Y3. C. P3 and Y1. D. P2 and Y2.
When we draw an investment demand curve, we hold constant all of the following except:
A. the expected rate of return on the investment. B. business taxes. C. the interest rate. D. the present stock of capital goods.