The production possibilities curve (PPC) illustrates economic growth by a(n)
A) bowed-out shape of the PPC.
B) outward shift of the PPC.
C) inward shift of the PPC.
D) movement along the PPC.
Answer: B
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Automobiles and many other products are differentiated. As a result,
A) we see countries specializing completely in the production of automobiles. B) consumers of automobiles have difficulty deciding what type of imported automobile to buy. C) different countries may each have a comparative advantage in producing different types of automobiles. D) the quality of imported automobiles is less than it could be.
Which of the following is a criticism of the neoclassical counter-revolution school's approach?
a. markets are not competitive in developing countries. b. externalities are common in developing countries. c. inequality may worsen when interventions are removed in developing countries. d. all of the above.
A graph's origin is the point of intersection of all lines or curves in the graph
a. True b. False Indicate whether the statement is true or false
If total spending rises from one year to the next, then which of the following could not be true?
a. the economy is producing a smaller output of goods and services, and goods and services are selling at higher prices. b. the economy is producing a larger output of goods and services, and goods and services are selling at lower prices. c. the economy is producing a larger output of goods and services, and goods and services are selling at higher prices. d. the economy is producing a smaller output of goods and services, and goods and services are selling at lower prices.