An increase in production possibilities is known as
A. Predictable growth.
B. Factor expansion.
C. Economic growth.
D. Upward mobility.
Answer: C
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A perfectly competitive firm has a random marginal cost with a 60 percent chance of a high marginal cost of $100 and a 40 percent chance of a low marginal cost of $90. What is the firm's expected marginal cost?
A) $94 B) $98 C) $92 D) $96
Which of the following statements is true of the relationship between average and marginal costs? a. The sum of the marginal cost of a good and its average cost is equal to the total cost of the good. b. The marginal cost of a good is inversely proportional to its average cost. c. The marginal cost of a good is equal to the first derivative of the average cost of the good
d. The average cost of a good is equal to the first derivative of the marginal cost of the good.
If expected inflation decreases does the short-run Phillips curve shift? If so, what direction does it shift? Does the long-run Phillips curve shift? If so, what direction does it shift?
The marginal utility of leisure time appears to:
A. Be the same even for people with widely different incomes B. Be exempt from the law of diminishing marginal utility C. Increase as the quantity of available leisure time decreases D. Equal zero for successful business executives