A closed economy is one that does not trade with other nations in either goods or assets.

The various combinations of goods and services that can be produced, when an economy uses its available resources and technology efficiently, is called:

a. scarcity. b. opportunity cost. c. unlimited production. d. capital accumulation. e. production possibilities.

Any change that shifts the supply curve outward to the right, and does not affect the demand durve will lower the equilibrium price and raise the equilibrium

a. True b. False Indicate whether the statement is true or false