Using a production possibilities curve, economic growth is represented by
A) an inward shift of the curve. B) an outward shift in the curve.
C) a movement along the curve. D) a pivot of the curve.
B
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A firm sells a product in a perfectly competitive market. The marginal cost of the product at the current output level of 500 units is $1.50. The minimum possible average variable cost is $1. The market price of the product is $1.25. To maximize profits, the firm should
A. decrease production to less than 500 units. B. increase production to more than 500 units. C. continue producing 500 units. D. shut down.
Workforce quality arguments are very difficult to prove for the period of 1970 to 1990 because during that period SAT scores
a. and graduation rates increased. b. increased and graduation rates decreased. c. and school attendance rates decreased. d. decreased and school attendance rates increased.
The country Happy Land claims that it is producing everything its citizens consume. This situation is called
A. a closed economy. B. an open economy. C. autarky. D. protectionism.
The supply of dollars in the foreign exchange market is likely to be upward sloping because as the price of a dollar (the exchange rate) rises
A. Americans demand more foreign goods because these goods have become less expensive to American consumers. B. Americans demand fewer foreign goods because these goods have become more expensive to American consumers. C. foreigners demand fewer foreign goods because these goods have become more expensive to foreign consumers. D. foreigners demand more American goods because these goods have become less expensive to foreign consumers.