Which of the following is true?
a. The production possibilities curve indicates that it will be impossible to expand total output with the passage of time.
b. As long as resources are scarce, output cannot be increased.
c. The size of the economic pie is fixed, and therefore, if one individual has more income, others must have less.
d. Over time, the output of goods and services can be increased through human ingenuity and discovery of better ways of doing things.
d
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What are the primary determinants of agricultural labor productivity?
What will be an ideal response?
When the Fed raises the discount rate, it:
A. lowers the cost of borrowing from the Fed, encouraging banks to make loans to the general public. B. raises the cost of borrowing from the Fed, discouraging banks from making loans to the general public. C. increases the amount of excess reserves that banks hold, encouraging them to make loans to the general public. D. increases the amount of excess reserves that banks hold, discouraging them from making loans to the general public.