Which of the following factors can influence the production possibilities frontier in the future?
a. The amount of capital produced
b. A fall in the rate of inflation
c. A decrease in consumption in an economy
d. An increase in the tax rate
e. A legal reform that increases transaction costs
a
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In a natural monopoly situation
A) there are large economies of scale relative to demand. B) the firm has an upward sloping average cost curve. C) producers try to differentiate their product with advertising. D) there is no need for government regulation.
The short-run Phillips curve is downward sloping but the long-run is a vertical line
a. True b. False Indicate whether the statement is true or false
Which of the following could cause the supply curve of labor to shift to the right?
a. an increase in wealth b. a decrease in population c. a decrease in wages d. an increase in employment opportunities e. an increase in the wage rate
Richer economies often have more middlemen. Economic thinking indicates that such economies...
What will be an ideal response?