An outward shift in the entire production possibilities frontier
A. represents economic decline.
B. means that previous levels of production are now unobtainable.
C. means that the only way the economy can increase the production of one good is by producing less of an alternative good.
D. represents economic growth.
D. represents economic growth.
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If, for the United States, exports are $450, imports are $320, net income from foreign investments is -$60, and net transfers from abroad is -$50, then the U.S. current account has a
A) deficit of $430. B) deficit of $110. C) surplus of $20. D) surplus of $130.
If we observe that a consumer's budget constraint has shifted inward, we can assume that the consumer will buy
a. fewer normal goods and more inferior goods. b. more normal goods and fewer inferior goods. c. more normal goods and more inferior goods. d. fewer normal goods and fewer inferior goods.
The U.S. Federal Reserve, the Bank of Japan, the Bank of England, and the European Central Bank are all in charge of what for the countries they represent?
A. Debt management. B. Unfunded liabilities. C. Monetary policy. D. Fiscal policy.
Melanie and Oli are competing Pacific halibut fishers. Both have been allocated ITQs that limit their catch to 1,000 tons of Pacific halibut each. Melanie's cost per ton is $20; Oli's cost per ton is $28. Refer to the information given. If the
market price of Pacific halibut is $40 per ton, what is the maximum amount Melanie would be willing to pay per ton for Oli's ITQs? A. $20. B. $28. C. $40. D. $12.