Economic growth can be depicted as
A) an outward shift on the production possibilities curve.
B) a movement up on the production possibilities curve.
C) a movement down on the production possibilities curve.
D) an inward shift on the production possibilities curve.
A
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If the Fed buys $10 million dollars in government securities, and the required reserve ratio is 20 percent, the banking system is able to expand the money supply by:
a. $10 million. b. $8 million. c. $2 million. d. $40 million. e. $50 million.
When it is difficult to assign and enforce property rights,
a. markets result in outcomes that are often inefficient. b. courts can easily negotiate efficient outcomes. c. establishing better property rights is always the best way to deal with environmental problems. d. government regulation can never improve on the outcomes generated by competitive markets.