Regarding the production possibilities curve, an improvement in technology will
A) shift the curve o the left.
B) cause a movement downward along the curve.
C) cause a movement downward along the curve
D) shift the curve to the right.
Answer: D
You might also like to view...
If the paint on your house was eaten away by the fumes from a factory nearby and you hired a lawyer to sue the polluting firm, your legal fees would be considered
A) marginal benefits. B) social costs of the pollution. C) external costs. D) transactions costs.
Figure 7-15
In Figure 7-15, we would expect a move along the production indifference curve from A to B if
A. the price of machines falls. B. the price of labor falls. C. output falls. D. the product price rises.
To illustrate the classical argument that "supply creates its own demand," the aggregate supply curve should be drawn:
a. downward-sloping. b. upward-sloping. c. horizontal. d. vertical.
Because of scarcity, we attempt to utilize our resources as efficiently as possible
a. True b. False Indicate whether the statement is true or false