Economic growth most likely occurs when
A. the society begins to produce the combination of goods society wants most.
B. a society moves along its production possibilities frontier.
C. a society learns to produce more using existing resources.
D. a society moves inside its production possibility frontier.
Answer: C
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The above figure shows the costs at Barney's Bagel Bakery. For which of the following levels of output does the average product of labor exceed the marginal product of labor?
A) at 1000 bagels daily B) at 2000 bagels daily C) at 3000 bagels daily D) all of the above
Exchanges of stocks take place
A) in New York City only. B) in the principle financial city of each country, such as New York City for the United States and London for England. C) in a decentralized fashion around the world. D) in centralized physical locations known as stock exchanges and online through Internet brokers.
According to the simple circular flow concept, whenever planned investment is less than planned saving
a. inventories accumulate. b. output increases. c. prices rise. d. employment increases.
Payments to households not in exchange for goods and services currently produced are:
a. transfer payments. b. government purchases. c. consumption expenditures. d. investment expenditures.