In order for Ethiopia to increase its future economic growth, it must choose a point that is:
a. further along on its production possibilities curve toward the capital goods axis.
b. above its production possibilities curve.
c. below its production possibilities curve.
d. further along on its production possibilities curve toward the consumption goods axis.
a
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In order to efficiently allocate goods and services, we have to compare
A) total cost to total benefit. B) total cost to price. C) marginal benefit to price. D) marginal cost to marginal benefit. E) price to marginal cost.
The price of cotton rises. What happens in the market for cotton shirts?
A) The equilibrium price falls and the equilibrium quantity rises. B) The equilibrium price rises and the equilibrium quantity falls. C) The equilibrium price and quantity rise. D) The equilibrium price and quantity fall.