Generalized growth is typically the result of an increase in the ability of resources to
A. produce all goods.
B. produce exported goods.
C. produce certain goods.
D. compete with imported goods.
Answer: A
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Assuming that a society always operates on its production possibilities curve, an inward shift of the curve implies that
A. the country's capacity to produce is fixed. B. the country is not using its resources efficiently. C. the country's capacity to produce has contracted. D. All of the choices are true.
Which of the following organizations is a powerful union in the public sector?
a. American Medical Association (AMA) b. National Education Association (NEA) c. National Rifle Association (NRA) d. United Automobile Workers (UAW)
Which of the following assumptions is common to both New Trade Theory and the model of intra-industry trade?
a) trade is a zero-sum game b) production exhibits increasing returns to scale c) firms behave cooperatively rather than competitively d) exchange rates adjust to offset the effects of tariffs e) in the long run, exports equal imports
Table 7.1 exemplifies the principle of
A) diminishing returns. B) marginal costs. C) full employment equilibrium. D) real vs. nominal costs.