Economic growth can be represented by a (an):
a. percentage change in real GDP
b. rightward shift of the long-run aggregate supply curve (LRAS).
c. outward shift of a production possibilities curve.
d. all of the above.
d
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Define what is meant by the tax base and give an example
What will be an ideal response?
Maureen's college raises the cost of room and board per semester. This increase raises Maureen's opportunity cost of attending college
a. even if the amount she would have to pay for room and board if she didn't attend college rose by the same amount. An increase in opportunity cost reduces Maureen's incentive to attend college. b. even if the amount she would have to pay for room and board if she didn't attend college rose by the same amount. An increase in opportunity cost increases Maureen's incentive to attend college. c. only if the amount she would have to pay for room and board if she didn't attend college rose by less than the increase in the amount her college charges. An increase in opportunity cost reduces Maureen's incentive to attend college. d. only if the amount she would have to pay for room and board if she didn't attend college rose by less than the increase in the amount her college charges. An increase in opportunity cost increases Maureen's incentive to attend college.