Economic growth can best be portrayed as a:
A. leftward shift of the production possibilities curve.
B. movement from a point near the vertical axis to a point near the horizontal axis on the production possibilities curve.
C. movement from a point inside to a point outside of the production possibilities curve.
D. rightward shift of the production possibilities curve.
Answer: D
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Total income in a country in 2012 is $780 billion. Total expenditure in the country
A) cannot be determined. B) is greater than $780 billion. C) is $780 billion. D) is less than $780 billion. E) is either less than or equal to $780 billion.
Refer to Figure 6-5. The section of the demand curve labeled "A" represents
A) the inelastic section of the demand curve. B) the unit-elastic section of the demand curve. C) the perfectly elastic section of the demand curve. D) the elastic section of the demand curve.
Assume that you assign the following subjective probabilities for your final grade in your econometrics course (the standard GPA scale of 4 = A to 0 = F applies): Grade Probability A 0.20 B 0.50 C 0.20 D 0.08 F 0.02 The expected value is:
A) 3.0 B) 3.5 C) 2.78 D) 3.25
Which of the following statements is correct?
I. The ERM used the Deutsche Mark as the base or center currency. II. The ERM allowed the Italian central bank autonomy over its policies. III. The ERM allowed the Bundesbank monetary autonomy. A) I only B) II only C) III only D) I, II, and III