Economic growth can be portrayed as a(n):
What will be an ideal response?
outward shift of the production possibilities curve
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Use the following supply and demand graph for product X to answer the question below. 
What would happen if the government subsidized consumption of this product because it has positive externalities in consumption?
A. demand would increase B. price would decrease C. supply would increase D. demand would decrease
The International Monetary Fund divides nations into three groups. What are the three groups and what are the characteristics of each group?
What will be an ideal response?
"Unlike a monopoly, consumer surplus in a perfectly competitive market is zero." Do you agree or disagree? Why?
What will be an ideal response?
Marginal resource cost is defined as the
a. additional cost of producing an additional unit of output b. change in resource employment required to increase the units of output produced c. ratio of marginal revenue product to the market price of the output sold d. additional cost of employing one additional unit of a resource e. ratio of the change in total resource usage to the change in total resource cost