If point C is now 9 units of guns and 8 units of butter, the maximum units of guns possible to produce is 17 and the maximum units of butter possible to produce is 13, the production possibility curve would have shifted _____________ (outward/inward).
outward
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New growth theorists conclude that
A) invention is more important than innovation in spurring economic growth. B) economic growth can continue as long as we keep coming up with new ideas. C) rates of global economic growth are limited by the amount of raw materials available. D) the amount of technological innovation in an economy is independent of the rewards offered for innovation.
Interest payments on the national debt are not a problem because we owe all of it to ourselves
Indicate whether the statement is true or false
What is the Prisoner’s Dilemma? How is this dilemma similar to the one for two firms competing for market share as described in the text?
What will be an ideal response?
The demand for a productive resource, not for its own sake, but for use in the production of goods and services is called a ________
A) goods and services demand B) production demand C) derived demand D) resource demand