A firm producing calculators and cell phones purchases new machinery that increases the productivity of producing calculators
Assuming that the number of calculators produced is measured on the horizontal axis and the number of cell phones produced is measured on the vertical axis, how will the introduction of the new machinery change the firm's production possibilities curve? A) The production possibilities curve will shift to the left.
B) The production possibilities curve will shift rightward.
C) The production possibilities curve will pivot rightward about the vertical axis.
D) The production possibilities curve will pivot rightward about the horizontal axis.
D
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What organization emerged from the GATT, starting January 1, 1995, with expanded responsibilities and global interaction?
a. the Doha round b. the World Trade Organization c. the United Nations d. the Institute for International Economics
When we export goods to foreign countries, we
A) receive payments from the rest of the world. B) make payments to the rest of the world. C) increase our inflation rate. D) decrease our inflation rate.