As a society produces more and more of one good, it must give up increasing amounts of the alternative good. This demonstrates the
a. law of demand
b. convexity of the production possibilities frontier
c. law of increasing opportunity cost
d. principle of productive inefficiency
e. effects of shifts in the level of technology
C
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Everything else equal, technological change will typically
a. move the economy along a fixed production function, increasing both productivity and output b. move the economy along a fixed production function, increasing output but lowering productivity c. cause the production function to shift upward, increasing both output and productivity d. cause the production function to shift upward, increasing output but lowering productivity e. cause the production function to shift upward, increasing output but leaving productivity unchanged
The vertical intercept of the consumption function measures autonomous consumption. It represents the combined impact on consumption spending of all factors other than disposable income
a. True b. False
The combination of goods and services Mexico's citizens might feasibly consume are called Mexico's
A. total consumption. B. total production. C. consumption possibilities. D. production possibilities.
When the dollar depreciates, the prices of imported inputs rise and the U.S. aggregate supply curve, therefore, shifts inward, pushing up the prices of American-made goods and services.
Answer the following statement true (T) or false (F)