A point inside a nation's production possibilities curve can represent:
a. a recession.
b. an increase in population size.
c. an economic growth.
d. a technological advancement.
e. an improvement in living standards.
a
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The costs of inflation depend upon
A) whether it is anticipated or unanticipated. B) who pays it and who receives it. C) the future savings rate. D) none of the above.
Prices that maximize the public interest will always allow reasonable profits for firms.
Answer the following statement true (T) or false (F)
If the price of a good falls by 10% and the percentage decrease in the total amount consumers spend on the good is 5%, then the good is
A. elastic. B. unit elastic. C. perfectly inelastic. D. inelastic.
Assume the market in the graph shown with demand D and supply S1 is in equilibrium at a quantity of 5 units. Total surplus is:
A. $5. B. $60. C. $12.50. D. $15.