The production possibilities curve for the nation of Economania shifts to the right. This could have been caused by:
a. a decrease in Economania's capital stock.
b. a decrease in the Economania's labor supply.
c. high unemployment in Economania the previous time period.
d. Economania producing all consumer goods in the previous period.
e. technological innovation in the production of Economania goods.
e
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Economic models omit many details to allow us to see what is truly important
a. True b. False Indicate whether the statement is true or false
GDP per capita is the best measurement for:
A. Determining the distribution of output within a country. B. Determining the growth rate of the economy over time. C. Finding the impact of population on GDP. D. Comparing living standards between countries.
Which of the following forms the largest share of gross domestic product in the United States, when measured using the expenditure method?
A) Investment expenditure B) Government expenditure C) Foreign expenditure on domestic goods D) Expenditure on consumption
If the cross elasticity of demand between goods X and Y is positive and between goods X and Z is negative, then X and Y are ________ and X and Z are ________
A) price inelastic; complements B) complements; substitutes C) substitutes; complements D) price inelastic; income elastic