Economic growth shifts a society's production possibility frontier away from the origin.
Indicate whether the statement is true or false.
Answer: True.
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In Figure 10-5 above, suppose that new tougher environmental regulations require certain industries to accelerate their phase-out of some of their existing equipment and install new types that produce less pollution
Translating this into an effect on d causes a movement of the steady-state point such as from points A) A to B. B) D to B. C) D to C. D) A to C. E) D to A.
In "real business cycle" theory, as opposed to "traditional business cycle" theory, the govern- ment is viewed as an instrument to correct unevenness in economic growth caused by cycles
Indicate whether the statement is true or false
Which group is most likely to be adversely affected by the importation of foreign steel?
A. Domestic steelworkers. B. Foreign steel producers. C. Consumers of domestic automobiles for which steel is an input. D. Domestic automobile workers.
The concept of opportunity cost is that
A) in a market economy, taking advantage of profitable opportunities involves some money cost. B) the economic cost of using a factor of production is the alternative use of that factor that is given up. C) taking advantage of investment opportunities involves costs. D) the cost of production varies depending on the opportunity for technological application.