Long-run economic growth policies focus on:
A. Shifting the aggregate demand curve to the left.
B. Moving the economy along the production possibilities curve.
C. Shifting the production possibilities curve outward.
D. Moving the economy onto the production possibilities curve.
C. Shifting the production possibilities curve outward.
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The table below shows how the payoffs to two political candidates depend on whether the candidates run a positive or negative campaign. The payoffs are given in terms of the percentage change in the number of votes received. 
Suppose that the Republican candidate tells the Democratic candidate that he intends to run a positive campaign. The likely result is that:
A. the Republican candidate will run a positive campaign, and the Democratic candidate will run a negative campaign. B. both candidates will run a negative campaign. C. the Republican candidate will run a negative campaign, and the Democratic candidate will run a positive campaign. D. both candidates will run a positive campaign.
Sanford wants to start up his own business, and needs $50,000 to get it off the ground. He can either withdraw it from his savings account, where he currently earns 2 percent, or he can take out a loan for $50,000 and pay 2 percent interest. Sanford should compare:
A. the explicit cost of $1,000 to the implicit cost of $1,000 and realize it will cost the same whether he borrows it or uses his savings for the venture. B. the implicit cost of $51,000 to the explicit cost of $1,000 and choose to borrow the money. C. the explicit cost of $1,000 to the implicit cost of $51,000 and choose to borrow the money. D. the implicit cost of $1,000 to the explicit cost of $51,000 and choose to use his savings.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
The characteristic of limited liability enables corporations to
A) avoid taxes on some of their profits. B) exist even when owners die. C) raise large amounts of financial capital. D) start up and dissolve easily.