When a country's production possibilities frontier shifts outward over time, the country is experiencing
A) no opportunity cost.
B) economic growth.
C) higher unemployment of resources.
D) a decrease in unemployment of resources.
E) an end to opportunity cost.
B
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Intertemporal decisions are
a. decisions in one period of time. b. decisions over time. c. decisions made without thinking about time. d. decisions involving infinity.
Which of the following is an example of a natural monopoly?
a. national defense b. ocean fish c. cable TV d. pizza
Related to the Economics in Practice on p. 6: According to the Economics in Practice, ________ of the $10 retail value of a Barbie doll is captured in the United States.
A. none B. 35 cents C. $2 D. $8
Answer the question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year
Refer to the above data. For the years shown, the growth of
A.
Real GDP exceeds the growth of nominal GDP
B.
Nominal GDP exactly reflects increases in real output
C.
Nominal GDP overstates increases in real output
D.
Nominal GDP understates increases in real output