Which of the following events would allow the production possibilities curve to shift outward?
A. People begin to retire at earlier ages.
B. Technology is lost.
C. The economy's capital stock declines.
D. More teenagers enter the labor force.
Answer: D
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Tacit collusion is more likely to occur when firms' costs ________ closely related and their products ________ close substitutes.
A) are not; are B) are; are not C) are not; are not D) are; are
Human capital can be increased by more
a. robots aiding workers b. machinery produced with combinations of labor and capital c. workers' education and experience d. factories built to accommodate workers e. oil discovered that can be used to power the capital that workers use
The normal rate of return on equity capital is also known as
a. the explicit cost of capital. b. the marginal cost of capital. c. economic profit. d. the opportunity cost of capital.
When real GDP falls for two consecutive quarters the economy is in a:
A. depression. B. recession. C. peak. D. trough.