A production possibility graph slopes down because of:
a. the law of increasing costs.
b. nonhomogeneous resources.
c. inefficiency.
d. improper output mix.
e. unemployment.
b
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Which of the following is a reason why the growth rates of low-income countries can be higher than those of high-income countries?
a. Lower-income countries can observe the experience of those countries that have grown more quickly and can learn from it. b. Lower-income countries have a comparative advantage in the production of labor-intensive goods, which have higher terms of trade than capital-intensive goods. c. Lower-income countries have an abundant supply of rich natural resources. d. Lower-income countries can produce goods more cheaply than high-income countries as the average wage rate in low-income countries is lower than that in high-income countries.
The objectives of monetary policy are ________.
What will be an ideal response?