A decrease in the capital stock would be expected to
a. decrease the labor force.
b. increase the level of output.
c. decrease real GDP per capita.
d. increase real GDP per capita.
c
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The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
With the opportunity to trade Silvia and Art can ________ the maximum consumption of computers by ________ units.
A. increase; 160 B. increase; 40 C. decrease; 80 D. decrease; 160
Studying how Joshua allocates his time between school and video games is an example of
A. industrial organization. B. microeconomics. C. macroeconomics. D. descriptive economics.