In Europe during the 14th century, the Black Plague killed 24 million people or close to 37 percent of the population. How would this affect the production possibilities curves for the countries of Europe at that time?
a. The production possibilities curves for these countries would have shifted outward.
b. The production possibilities curves for these countries would have shifted inward.
c. The production possibilities curves for these countries would have been unaffected.
d. This would have been illustrated by a movement along the production possibilities curves for these countries, but it would not have shifted them.
b
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Refer to Table 19-14. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The GDP deflator for 2016 equals
A) 92.2. B) 102.6. C) 108.5. D) 109.1.
Suppose society wants to increase the number of teachers in society but doesn't want to pay teachers any more in salary and benefits. This could only occur by
A) making it more expensive to become a teacher, perhaps by raising college tuition rates. B) making it less expensive to become a teacher, perhaps by offering subsidies to college tuition. C) making computers more powerful. D) increasing the income of student parents.