Which of the following scenarios would cause an outward shift in the production possibilities curve?
a. temporary shutdown of mines due to frequent accidents
b. discovery of large mineral deposits
c. tougher environmental legislation
d. shortage of skilled labor
b
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The actions of borrowers and lenders are coordinated by
a. the interest rate in the loanable funds market. b. the government in the resources market. c. businesses in the resources market. d. the interest rate in the goods and services market.
Which of the following demonstrates the law of supply?
a. When leather became more expensive, belt producers decreased their supply of belts. b. When car production technology improved, car producers increased their supply of cars. c. When sweater producers expected sweater prices to rise in the near future, they decreased their current supply of sweaters. d. When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup.