By investing in both human capital and physical capital, Laci’s country has achieved an economic growth rate of 1.9 percent. Assuming Laci’s country can maintain this growth over time, the economy should double in approximately ______ years.
a. 133
b. 36.8
c. 3.68
d. 13.3
b. 36.8
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Refer to Figure 5.1. All else equal, an increase in the capital stock will cause a
A) shift from PF1 to PF2. B) shift from PF2 to PF1. C) movement up and to the right along PF1. D) movement down and to the left along PF2.
When the production possibilities curve is bowed out, resources are:
a. equally well-suited to production of both goods. b. not being used efficiently. c. not equally suited to the production of both types of goods. d. increasing as more of one good is produced. e. of an inferior quality.
Refer to Figure 5.7. Which diagram best represents an income-consumption curve where bread is an inferior good?
A. A
B. B
C. C
D. D
Specialization in goods and services one can produce at a low cost makes it possible for trading partners to produce a larger joint output. This is called
A) the law of production possibilities. B) the law of absolute advantage. C) the law of comparative advantage. D) the law of demand.