Refer to Figure 17.3. Assume X units of plants and equipment wear out each year. What will happen to the PPC in the future if the economy currently produces at point U?
A. It will shift outward.
B. It will shift inward.
C. It will stay the same.
D. This cannot be determined with the information given.
Answer: B
Economics
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The Smoot-Hawley Tariff
A) raised average tariff rates by over 50 percent in the United States in 1930. B) was passed by the U.S. Congress following the Civil War as a means of increasing government revenue. C) was passed by the U.S. Congress upon a recommendation made by the General Agreement on Tariffs and Trade (GATT) in 1948. D) lowered U.S. tariffs by 50 percent following World War II.
Economics
The maximum price a buyer is willing to pay for a good is called: a. cost
b. willingness to pay. c. equity. d. efficiency.
Economics