Most nations do not push the rate of economic growth to the maximum because
a. it would be impossible to do so
b. they do not know how to do so
c. there is an opportunity cost associated with economic growth
d. maximum growth would create an inefficient economy
e. government budget deficits prevent them from doing so
C
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Goods differ on the basis of whether their consumption is rival and excludable. Explain the terms "rival," nonrival," "excludable," and "nonexcludable" as they are used to define goods
List the four categories of goods and define these categories in terms of rivalry and excludability.
Refer to the production possibilities frontier in the figure above. Which of the following movements requires the largest opportunity cost, in terms of good Y forgone, per extra unit of good X?
A) from point a to point b B) from point b to point c C) from point c to point d D) from point d to point e