Economic growth is represented on a production possibilities frontier model by the production possibilities frontier
A) shifting outward.
B) shifting inward.
C) becoming steeper.
D) becoming flatter.
Answer: A
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Refer to Table 13-2. What is likely to happen to the product's price in the long run?
A) It will fall. B) It will remain constant. C) It will increase. D) This cannot be determined without information on its long-run demand curve.
Describe one important criticism of Rostow's stages of economic growth theory
What will be an ideal response?
Under perfect competition, which of the following are the same (equal) at all levels of output?
a. Price and marginal cost. b. Price and marginal revenue. c. Marginal cost and marginal revenue. d. All of these.
The presence of substitute goods will tend to make demand more
A) inelastic. B) unit elastic. C) elastic. D) vertical.