________ a nation's production possibilities frontier represents economic growth
A) Moving up along B) An outward shift of
C) An inward shift of D) Moving down along
B
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Graphically an increase in the short-run aggregate supply line represents a(n) ________, and a shift leftward of the long-run aggregate supply line represents a(n) ________.
A. adverse inflation shock; shock to potential output B. favorable inflation shock; shock to potential output C. shock to potential output; favorable inflation shock D. shock to potential output; adverse inflation shock
When a firm invests in new technology, it expects to make a profit and thus receive a private benefit. However, ____________ can also be attained if the dollar value of all benefits of a new product or process invented by a company can be captured by other firms and by society as a whole.
a. additional profits b. social benefit c. nonrivalrous results d. nonexcludable benefits
Total government spending (federal, state, and local) sums to approximately
a. 10 percent of the U.S. economy. b. 20 percent of the U.S. economy. c. 40 percent of the U.S. economy. d. 50 percent of the U.S. economy.
Some countries win in international trade, while other countries lose
a. True b. False Indicate whether the statement is true or false