Which of the following could lead to an inward shift of the production possibilities frontier?
a) an increase in the cost of one good
b) an increase in the utilization of resources
c) a rise in the level of technology
d) a law is passed whereby a mandatory retirement age of 60 is imposed, from an original age of 65
e) a decrease in the utilization of resources
Answer: d) a law is passed whereby a mandatory retirement age of 60 is imposed, from an original age of 65
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On the graph above, the constant value 1.43 is ________
A) the productivity of labor devoted to research and development B) the logarithmic scale C) the amplification effect of improving technology D) the initial level of technology
During a boom expansionary economy, public assistance payments and unemployment compensation payments automatically decrease while income taxes automatically increase. Which of the following best describes the effect of these changes on aggregate demand? a. Aggregate demand will be less than it would be without these automatic stabilizers. b. Aggregate demand will be the same as it was before
the expansion. c. Aggregate demand will be less than it was before the expansion. d. none of the above
A tradable allowance is:
A. the minimum amount set by the government that can be bought or sold in a market. B. the permitted price for the trade of a particular good. C. a production or consumption quota that can be bought or sold. D. None of these statements is true.
According to the World View article that compares GDP per capita figures for several nations, which of the following nations has the highest GDP per capita?
A. Great Britain. B. United States. C. Japan. D. China.