Which of the following statements is not correct?
A. An increase in a nation's labor supply will cause its potential output to increase
B. Economic growth can be illustrated by an expansion of a nation's production possibilities curve
C. An increase in the quantity of a nation's resources will cause economic growth, but an increase in the quality of resources will not
D. New technologies or new ways of producing output can cause a nation's production possibilities curve to shift outwards
Answer: C
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The marginal social cost of burning garbage in Houston is the sum of the marginal private cost and the marginal external cost." Is this assertion correct or incorrect?
What will be an ideal response?
If a firm sells its output at a price greater than AC, it will earn economic profit
a. True b. False Indicate whether the statement is true or false