________ refers to a period when the ________ decreases
A) Recession; growth rate of nominal GDP
B) Recession; growth rate of output per person
C) Productivity growth slowdown; growth rate of real GDP
D) Productivity growth slowdown; growth rate of output per person
D
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The above table shows production points on Sweet-Tooth Land's production possibilities frontier. A movement from ________ represents the greatest opportunity cost of increasing cola production
A) point E to point D B) point D to point C C) point C to point B D) point B to point A
An economy is said to have a comparative advantage in the production of a good if it can:
A) produce that good with more resources than another economy. B) produce that good with a higher opportunity cost than another economy. C) produce that good outside its production possibilities curve. D) produce the good at a lower opportunity cost than another economy.