What determines the position and shape of a society's production possibilities frontier?
a. the physical resources of that society
b. the skills of the workforce
c. the level of technology of the society
d. the amount of factories in the society
e. All of the above are correct.
e
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Which one of the following is NOT a component of aggregate demand?
A) investment expenditures B) government purchases C) consumption spending D) merchandise inventories
Technological advancements have led to lower prices and an increase in the sale of digital cameras. How does this affect the digital photo printing paper market?
A) The demand curve for digital photo printing paper shifts to the left. B) The supply curve for digital photo printing paper shifts to the left. C) The supply curve for digital photo printing paper shifts to the right. D) The demand curve for digital photo printing paper shifts to the right.
Refer to Figure 8.3. Holding other variables constant, if the economy is originally in equilibrium at the intersection of D1 and S1 and firms experience an increase in technology of production, the economy would move to the new equilibrium point
represented by A) w1 and L2. B) w3 and L2. C) w2 and L2. D) w2 and L3.
AK growth models argue that which type or types of capital may not be subject to diminishing returns?
A) only physical capital B) physical capital and human capital C) human capital and knowledge D) knowledge and physical capital