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Economic ch1MC

multiple choice

QuestionAnswer
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.
Created by: kimharris