How did different levels of investment influence the production possibilities curves in this economic growth and production possibilities curve?
a. Economy A saw its curve contract inward.
b. Economy A saw its curve shift further outward than Economy B.
c. Economy B saw no change in its curve.
d. Economy B saw its curve shift from concave to a straight line.
b. Economy A saw its curve shift further outward than Economy B.
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In a competitive industry, the competitive firm's profits are
a. independent of the industry in which they compete b. closely linked to the industry in which they compete c. determined only by their own differentiated product d. determined solely by the inelastic demand for their product
The law of increasing opportunity costs causes the production possibilities curve to:
a. be a straight line. b. slope upwards. c. have a bowed-out shape. d. shift inward.
The number of people officially unemployed is not the same as the number of people who can't find a job because:
a. the armed forces is included. b. some people have jobs but continue to look for a better one. c. some people who can't find a job become discouraged and quit looking. d. none of these.
New classical economists believe that government intervention is _____________.
Fill in the blank(s) with the appropriate word(s).