Refer to the information provided in Figure 31.1 below to answer the question(s) that follow.
Figure 31.1Refer to Figure 31.1. Which of the following causes the ppf to shift from ppf2 to ppf3?
A. an increase in the population
B. a decrease in the labor force
C. technological progress
D. a decrease in capital stock
Answer: C
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Economies of scale
A) lead to rising long-run average costs as output increases. B) occur if output more than doubles when all inputs are doubled. C) occur if output less than doubles when all inputs are doubled. D) occur when management complexity brings rising average cost.
Which of the following would not affect this year's GDP?
a. the paint you purchased when painting your house b. the new car your parents purchased and gave to you as a birthday present c. a Gateway computer purchased by the U.S. government d. the value of a used car you purchased, at its sale price
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
A bank's net interest margin is calculated by taking net interest income and:
A. dividing it by the bank's assets. B. dividing it by the bank's capital. C. dividing it by the sum of the bank's assets and capital. D. subtracting taxes.