If a country’s production possibilities curve gets more bowed out over time, it is an indication that
A) technological change has taken place.
B) society is learning to use its resources more efficiently.
C) the quantity of labor and capital have increased.
D) resources have become more highly specialized.
D) resources have become more highly specialized.
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If the demand for oranges is written as Q = 100 - 5p, then the inverse demand function is
A) Q = 5p - 100. B) Q = 20 - .2p. C) p = 20 - 5Q. D) p = 20 - .2Q.
If there is a technological inprovement, PPF curve will shift inward.
Indicate whether the statement is true or false.
Approximately how many people became permanent legal residents of the United States in 2011?
A. 1,062,000. B. 854,000. C. 720,000. D. 251,000.
When two goods are unrelated,
A. their cross price elasticity of demand will be 0. B. their cross price elasticity of demand will be infinity. C. their cross price elasticity of demand will be negative. D. their cross price elasticity of demand will be positive.