Economic decline (negative growth) is represented on a production possibilities frontier model by the production possibility frontier
A) shifting inward. B) becoming flatter. C) shifting outward. D) becoming steeper.
A
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Lee, J Brand, Joe's Jeans, Paper Denim & Cloth, Levi's, Wrangler, and many others are all producers of jeans. J Brand jeans sell for about $200 a pair. What would happen if J Brand priced their jeans at $220 per pair?
A) They would sell fewer jeans because demand is elastic. B) They would not sell any jeans. C) They would sell more jeans. D) They would sell fewer jeans because demand is perfectly elastic.
Suppose that when the price of oranges decreases, Sarita decreases her purchases of peaches. To Sarita
A) oranges and peaches are normal goods. B) oranges and peaches are substitutes. C) oranges and peaches are complements. D) oranges and peaches are inferior goods.
If consumption is defined as C = 2,400 + 0.9Y, then the marginal propensity to consume is 0.9
Indicate whether the statement is true or false
China's economy was much more agricultural than Russia's, and observers believe this aided its economic transition
Indicate whether the statement is true or false