The process through which an economy's production possibilities curve shifts outward is:
a. full-employment management. b. investment.
c. resource renewal. d. out-resourcing.
b
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If the quantity supplied of science fiction novels decreases by 3% and the price elasticity of supply is 15, what has been the percentage price change?
a. -15% b. -3% c. -5% d. -0.2%
Demand is more inelastic in the long run.
Answer the following statement true (T) or false (F)
When a good causes positive external benefits to accrue to third parties, an unfettered market will
A) under-allocate resources to the good causing the benefit. B) over-allocate resources to the good causing the benefit. C) cause the equilibrium quantity, established before the benefit is taken into account, to be produced more efficiently. D) eliminate such goods.
A society can produce two goods: green tea and vitamin water. As this society moves down its production possibility frontier, producing more and more units of vitamin water, the opportunity cost of producing vitamin water increases. The society's production possibilities frontier will be
A. negatively sloped and bowed inward. B. positively sloped and bowed inward. C. positively sloped and bowed outward. D. negatively sloped and bowed outward.