Which of the following will possibly cause a leftward shift in the production possibility curve, representing good X and good Y?
a. A decrease in a country's GDP
b. An increase in the price of good X
c. An increase in the price of good Y
d. A decrease in the price of good Y
e. A decrease in the price of good X
a
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With floating exchange rates, BOP equilibrium is restored by
A) trade restrictions. B) earnings from foreign investments. C) exchange rate changes. D) All of the above.
A group of firms that try to work together to earn monopoly profits is called a(n)
A) patent. B) public enterprise. C) cartel. D) natural monopoly.
An economy is operating with optimum efficiency if
A. the price of the product is greater than marginal cost. B. the production of more of commodity A entails the production of less of commodity B. C. marginal cost of output is greater than marginal utility of output. D. an increase in output would result in a decrease in average cost per unit.
The problem of political instability has been greatest in which continent?
A. South America B. Europe C. Asia D. Africa