Economic growth can be illustrated by:
a. a movement along the production possibilities curve
b. a movement from a point on the production possibilities curve to a point inside the production possibilities curve.
c. an inward shift of the production possibilities curve.
d. an outward shift of the production possibilities curve.
d
You might also like to view...
The total physical product of an input is the same thing as its
A. total revenue product. B. marginal physical product times output. C. output. D. total consumer’s surplus.
The Arrow-Pratt measure of risk aversion is
A) negative if a person is risk averse. B) greater than one if a person is risk averse. C) negative if a person is risk loving. D) None of the above.
The concentration ratio is defined as the:
A. percentage of total industry output produced by the top firms. B. squared value of the market shares of all the firms in an industry. C. percentage of industry output produced by a specific firm. D. squared value of the market shares of the largest four firms in the industry.
Which of the following is true?
A) Points along the aggregate supply curve show the equilibrium levels of output and prices that are consistent on the demand side of the economy. B) Points along the aggregate demand curve show the equilibrium levels of output and prices that are consistent on the supply side of the economy. C) Aggregate demand shows the levels of GDP and prices where expenditure decisions and production decisions match. D) Aggregate supply shows the levels of GDP and prices where expenditure decisions and production decisions match.