Which of the following would be most likely to shift a country's production possibilities curve outward?
a. An improvement in the general level of literacy and education
b. A sudden, substantial expansion of consumer wants.
c. A reduction in the country's labor force or population.
d. Shifting resources from investment to consumption goods production.
a
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Which of the following is probably the best example of a free good?
A) The air in your college classroom B) A can full of garbage put out for trash collectors C) Interstate highways D) Free concert tickets, which were given to you by a friend
A persistent shortage of yen at a given fixed exchange rate (in dollars per yen) is evidence that the yen is ________ versus the dollar. This shortage can be reduced or eliminated through a ________ of the yen
A) overvalued; revaluation B) undervalued; devaluation C) overvalued; devaluation D) undervalued; revaluation
If the price of refillable butane lighters was to decrease, then
A) the quantity of butane demanded would increase. B) the demand for butane would decrease. C) the demand for butane would increase. D) the quantity of butane demanded would decrease.
Which of the following statements best explains how the use of money in an economy increases economic efficiency?
A) Money increases economic efficiency because it is costless to produce. B) Money increases economic efficiency because it discourages specialization. C) Money increases economic efficiency because it decreases transactions costs. D) Money cannot have an effect on economic efficiency.