The idea of increasing opportunity cost is reflected in the
A) bowed in shape of the production possibilities frontier.
B) bowed out shape of the production possibilities frontier.
C) linear shape of the production possibilities frontier.
D) fact that the PPF shows there are unattainable production points.
E) positive slope of the production possibilities frontier.
B
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Price elasticity of demand measures the:
A. slope of the demand curve. B. sensitivity of quantity demanded to changes in the price of substitute goods. C. sensitivity of price to changes in the quantity demanded of substitute goods. D. sensitivity of quantity demanded to changes in price.
In the Romer model. as more labor is devoted to research and development ________
A) there is an immediate decrease in output per capita B) there is an immediate increase in output per capita C) output per capita is unaffected, but the savings rate begins to rise D) output per capita is unaffected, but the savings rate begins to fall