Economic growth may be represented by a(n):
A. leftward shift of a production possibilities curve.
B. outward shift of a production possibilities curve.
C. movement along a production possibilities curve.
D. production possibilities curve that remains fixed.
Answer: B
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The average number of years of schooling of workers in Argonia has increased. Which of the following is likely to be true if all other variables remain unchanged?
A) The unemployment rate in Argonia is likely to increase. B) The income per worker in Argonia is likely to decrease. C) The efficiency units of labor in Argonia is likely to increase. D) The aggregate price level in Argonia is likely to decrease.
Relative to Al, Joe has ________ if Joe can produce a good at a lower opportunity cost than Al
A) a marginal benefit B) a comparative advantage C) more production efficiency D) a free lunch E) a comparative benefit