A graphical representation which shows the trade-off that occurs when more of one output is obtained at the sacrifice of another is called
A) a Laffer Curve.
B) a production possibilities curve.
C) a bell curve.
D) a supply curve.
B
Economics
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In a laborabundant country, free trade will cause a(n) __________ in the rental of capital and a(n) _________ in the marginal product of capital.
a. increase; increase b. increase; decrease c. decrease; decrease d. decrease; increase
Economics
The tables above show the labor market and the production function schedule for the country of Pickett. Potential GDP is ________
A) $40 trillion B) $9 trillion C) $14 trillion D) $25 trillion
Economics