Refer to the diagram. Realized economic growth is best represented by a:
A. move from Z to X along AB.
B. move from X on AB to Y on CD.
C. shift in the production possibilities curve from CD to AB.
D. move from X to Z along AB.
B. move from X on AB to Y on CD.
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The abbreviation GATT stands for:
a. General Analysis of Taxes and Transfers. b. General Agreement on Tariffs and Trade. c. Government Agency for Trade and Transportation. d. Government Agency for Treaties and Taxes. e. General Agreement on Terms of Trade.
What would happen if the German economy became viewed as a less desirable place for foreign investors to put their money because of fears about the growth of the German public debt?
a. Equilibrium would not change. b. A lower quantity of financial investment would result. c. A lower interest rate would result. d. Interest rates would not change.
An efficient tax system is one that imposes small deadweight losses and small administrative burdens
a. True b. False Indicate whether the statement is true or false
We see a backward-bending labor supply curve whenever
A. the income effect dominates the substitution effect over some range of wage rates. B. the substitution effect dominates the income effect over some range of wage rates. C. minimum wages are set too low. D. minimum wages are set too high.