Technology
A) is constantly changing at every point along a production possibilities curve.
B) is the recipe for combining land, labor, physical capital, and entrepreneurship to produce a good.
C) does not have an effect on the amount of a good a society can produce with its given resources.
D) only changes if resources change.
B
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GDP in a country grew from $10 billion to $14 billion over the span of 5 years. The percentage change in GDP was
A) 4%. B) 7%. C) 10%. D) 40%.
Refer to Scenario 5.4. What is the pay-off of outcome C?
A) -150 B) 0 C) 25 D) 100 E) 150
Use the above figure. For this monopolistic competitor, which of the following is INCORRECT?
A) The profit-maximizing rate of output is qe, and the profit-maximizing price is P. B) The demand curve shows a direct relationship between price and quantity demanded. C) The profit-maximizing rate of output is at E, where MR intersects MC. D) A downward sloping marginal revenue curve that is below the demand curve.
Which of the following is true?
a. If the Australian dollar depreciates, the Australian trade deficit decreases, since Australian products become cheaper to foreigners. b. If the Australian dollar depreciates, the Australian trade deficit decreases, since Australian products become more expensive to foreigners. c. If the Australian dollar depreciates, the Australian trade deficit increases, since Australian products become more expensive to foreigners. d. If the Australian dollar appreciates, the Australian trade deficit decreases, since Australian products become cheaper to foreigners. e. If the Australian dollar appreciates, the Australian trade deficit decreases, since Australian products become more expensive to foreigners.