A rightward (an outward) shift of a nation's production possibilities curve could be caused by:
a. a decrease in technology.
b. an increase in resources.
c. producing more consumer and fewer capital goods.
d. a decline in the labor force's level of education and skills.
b
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A monopolistic competitor's demand curve tends to be more inelastic than a monopolist's demand curve
a. True b. False Indicate whether the statement is true or false
The most significant factor enabling unions to negotiate increased wages for its members is likely: a. that unions increase the demand for labor
b. that unions decrease the supply of labor in the union sector. c. that unions increase the marginal product of labor. d. that unions increase the supply of labor in the union sector.
Identify the correct statement
a. As domestic income rises, imports rise and net exports fall. b. As foreign income rises, net exports fall. c. As domestic income falls, imports rise and net exports fall. d. As domestic income rises, imports fall and net exports rise. e. As foreign income falls, net exports rise.
If an increase in the price of accordions does not change total revenue from accordion sales, we can infer that demand for accordions is inelastic.
Answer the following statement true (T) or false (F)