A production possibilities curve will shift outward or to the right for all of the following reasons EXCEPT
A) an increase in the unemployment rate.
B) an increase in the quality of the labor force.
C) an improvement in production technology.
D) a discovery of a new source of renewable energy.
A
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In its simplest form, purchasing power parity would mean that a good in one country
A) would have the same exchange-rate adjusted price in another country. B) will be available for sale in another country. C) will reflect the exchange rate in another country. D) will reflect the transportation cost differences in another country.
The potential output of an economy is the level of output produced when the
a. real wage equals the nominal wage. b. price level is constant. c. expected real wage equals the inflation rate. d. expected price level equals the unemployment rate. e. expected price level equals the actual price level.