If the output per acre of land triples, then the productivity of an acre of land
A. has been cut by two-thirds.
B. has been cut by one-third.
C. has tripled.
D. has increased.
C. has tripled.
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The production possibilities curve shifts outward when
A) the law of increasing additional cost takes hold. B) the economy is producing efficiently. C) we produce more consumption goods over productive investment in equipment. D) there is an increase in resources or technology.
GNP and GDP are important economic variables, because of their close association to:
a. Economic well-being and the exchange rate. b. Real interest rates and the nominal exchange rate. c. Nominal and real interest rates. d. Nominal interest rates and real exchange rates. e. Economic well-being and unemployment.
The peak oil hypothesis says that the annual world production of oil
a. will not peak for several hundred years. b. peaked in the past two decades and is now rapidly declining. c. will peak in the coming decades and then decline. d. is now peaking and a major decline is imminent.
When accounting profits are positive, economic profits
A) must be positive. B) will be negative. C) will equal zero. D) could be positive, negative or zero.