Economic growth will
a. reduce the future real GDP of an economy.
b. expand the production possibilities of an economy.
c. increase an economy's nominal income, but not its real income.
d. increase real output, but the real income level of the country will decline.
B
Economics
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As extraction of a nonrenewable resource increases, the supply curve shifts up because:
a. more substitutes become available. b. competition among the existing suppliers intensifies. c. the marginal cost of extracting any given amount increases. d. the resource finds alternative usage. e. the resource becomes less productive.
Economics
A tariff will decrease the quantity supplied of a good
Indicate whether the statement is true or false
Economics