A straight-line production possibilities curve takes this shape because
A. resources are better suited for producing one output than another.
B. resources are fixed.
C. the opportunity cost of producing more of a good is decreasing.
D. the opportunity cost of producing a good is constant.
Answer: D
Economics
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Based on the information in Scenario 1, nominal GDP grew by about ________ percent from 2015 to 2016
A) 23 B) 31 C) 62 D) 162
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Can nominal GDP decrease when the price level remains the same?
A) No, it is not possible. B) Yes, but only if real GDP decreases. C) Yes, but only if real GDP increases. D) Yes, but only if real GDP remains the same as well.
Economics