Economic growth will
A) shift the production possibilities curve inward.
B) shift the production possibilities curve outward.
C) shift along the production possibilities curve toward the X-axis.
D) be a movement from inside the productions possibilities curve to the curve itself.
B
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Paulette owns a pizza parlor. Her total cost schedule is in the above table. Her marginal cost of producing the fifth pizza is
A) $8. B) between $8.01 and $10.00. C) between $10.01 and $14.00. D) between $14.01 and $78.00. E) more than $78.01.
Which of the following statements is false?
a. Round stones with holes in the center can serve as money. b. Money eases the process of exchanging goods and services in a modern economy. c. Money serves as a measure of value only when it is backed by gold or silver. d. Money is used as a measure of the relative value of goods and services in an economy.
Constant returns to scale are associated with a:
A. horizontal short-run average cost curve. B. horizontal long-run average cost curve. C. downward-sloping short-run average cost curve. D. downward-sloping long-run average cost curve.
Refer to the graph above for a private closed economy. In this economy, investment is:
A. $50 billion
B. $100 billion
C. $150 billion
D. $200 billion