One source of economic growth is:
a. producing inside the production possibilities curve.
b. producing outside the production possibilities curve.
c. increasing capital.
d. discouraging profit-seeking entrepreneurs.
c
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private property rights
What will be an ideal response?
________ is considered to be the least mobile factor internationally.
A. Labor B. Land C. Capital D. Entrepreneurship
Using assumptions to make things simpler and focus attention on what really matters is like using a road map to plan a trip.
Answer the following statement true (T) or false (F)
In economic terms, the total price of a pound of meat for an individual who has waited in line is
A) the money price paid to the butcher for the pound of meat. B) the money price of meat relative to the price of bread or other necessity. C) the money price of the meat plus the opportunity cost of time spent waiting in line. D) the money price of an equal amount of meat substitute, such as beans and rice.