Each of the following would shift a nation's production possibilities frontier outward, but which is least likely to be accompanied by an increase in the standard of living?
a. population growth
b. increased investment in private physical capital
c. increased investment in human capital
d. technological advances
e. increased investment in infrastructure
A
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Suppose a decrease in the supply of paper results in an increase in revenue. This indicates that
A) the demand for paper is elastic. B) the supply of paper is elastic. C) the supply of paper is inelastic. D) the demand for paper is inelastic.
If a person worked at least 15 hours per week as an "unpaid" worker in a restaurant owned by her family, how is she classified by the Bureau of Labor Statistics?
A) as not in the labor force B) as an unemployed person C) as an employed person D) as a discouraged worker
The fact that the United States has become a net debtor nation is an indication that
A. The U.S. economy is in a long-term decline compared to other major economies. B. The United States should never have abandoned the gold standard. C. The U.S. economy is highly regarded by world investors. D. As undesirable as they are, trade restrictions are becoming a necessity.
Phoenix is a schoolteacher. In which of the following situations is she experiencing diminishing marginal utility?
a. She loves her whiteboard, but when she receives a second one for her classroom, she finds she rarely uses it. b. She buys extra crayons for her class using her own money because her students use up crayons so quickly. c. She complains to the administration that she does not have enough supplies for her classroom; she has 32 students this year! d. She realizes that it would be useless to purchase electronic tablets for the classroom unless she buys enough for the entire class.