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Economic ch1MC
multiple choice
Question | Answer |
---|---|
the Declaration of Independence and Adam Smith's The Wealth of Nations | were both published in 1776 |
which of the following is an example of land | an oil reserve in Alaska |
the production possibilities curve shows | the maximum combinations of two goods or service or services that can be produced if resources are fully employed and the best technology is being used. |
when Perlandra produces an additional unit of housing, 4,000 bottle bottles of wine represent | the marginal cost of producing housing in perelandra |
suppose there is an efficiency improvement in production in the country of Narnia. We would expect | a movement from inside Marnia's production possibilities curve to a point closer to its production possibilities curve. |
the bowed out shape of the production possibilities curve implies that | in order to produce more of one good, we must sacrifice increasingly larger amounts of the other good |
scarcity | |
suppose the growth rate of capital exceeds the growth rate of labor. in this instance | the capital-labor ratio and the growth rate of real wages will increase. |
the decline in productivity growth over the 1973-1990 time period was largely the result of: | a decline in technical efficiency. |
which of the following is an example of technological improvement | an advance in engineering that allows the Pretty Dolls Toy Company to increase their rate of production |
suppose the growth rate in labor productivity in Centralzia increased from 2% per year to 5% per year. | an increase in capital intensity |
economic growth is depicted by a | rightward shift in the production possibilities curve |
since 1960, the United States has had per capita GDP growth rates that were substantially higher than those of | Argentina |
some analysts hypothesize that productivity growth rates in the manufacturing sector have exceeded those in the service sector because the: | the manufacturing sector has faced stiff foreign competition |
Output per person in Japan is approximately equal to output per person in the United States because: | Japanese employees work longer hours than employees in the United States |
which of the following is most likely to shift the production possibilities frontier to the right? | an advance in technology |
which of the following would be included in the category of land: | oil |
the law of increasing opportunity costs is shown by a PPF that is a---- that is ------. | curve; bowed-outward |
the concept of opportunity cost suggests that | in order to produce more of any particular good, something must be given up in return. |