Refer to the following figure. Which of the following production possibilities would result in the greatest rate of economic growth over time?
a. Point B
b. Point C
c. Point D
d. Point E
a. Point B
You might also like to view...
Refer to the scenario above. If this game is repeated several times, the players will eventually reach an equilibrium where Beth will earn ________ and Charles will earn ________
A) $0; $10 B) $10; $10 C) $0; $50 D) $20; $20
When OPEC raised the price of oil, it created a:
a. demand-pull inflation. b. cost-push inflation. c. demand-push inflation. d. cost-pull inflation. e. cost-push deflation.
According to the law of diminishing returns, as more workers are hired:
a) Marginal utility declines. b) Marginal physical product declines. c) Marginal revenue product increases. d) Opportunity cost increases.
Diseconomies of scale occur when
a. average fixed costs are falling. b. average fixed costs are constant. c. long-run average total costs rise as output increases. d. long-run average total costs fall as output increases.