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Terms in this set (20)Which of the following events would cause the Production Possibilities Curve to shift inward. A decrease in the supply of labor. If an economy is producing inside the production-possibilities curve, then: t is using its resources inefficiently. Which of the following is an assumption under which the production-possibilities curve is drawn? The supply of factors of production is fixed. A consequence of the economic problem of scarcity is that: Choices have to be made about how resources are used. People benefit by participating in the market because: Market participation allows individuals to specialize and, ultimately, consume more. Which of the following definitely means productivity has increased? More output from fewer workers. Income inequality is greatest in which of the following countries? Brazil. Compared to the United States: GDP in China is lower. Using the 'Rule of 72' found in the math review, how many years will it take for the United States to double its per capita GDP given the information in Table 2.1 (13th edition)? 80 years. The per capita GDP will always rise when: The rate of economic growth exceeds the rate of population growth. An increase in the price of a good causes a: Movement up the supply curve. If the quantity demanded of a good is greater than the quantity supplied of the good at the current price, then: Price will increase until it reaches the equilibrium price. An increase in the price of one good can cause a decrease in the demand for another good if the goods are: Complements. A rightward shift in a demand curve and a leftward shift in a supply curve both result in a: Higher equilibrium price. Which of the following is a predictable effect of effective price ceilings? A market shortage will develop. If a product yields external benefits, then the: Social demand is greater than the market demand. In economics, a public good: Cannot be denied to consumers who have not paid. Suppose that if your income is $50,000, your tax is $10,000, but if your income is $100,000, your tax is $22,000. Such a tax is: Progressive. When the production of a good creates external costs: Society's collective well-being will be lower. Which of the following is an example of a public good? All of the above. Sets with similar termsMicroeconomics Chapter 2 Extra notes80 terms Meghan_McDonald6 Econ sample questions Ch 1, 2, 3100 terms Lia_Ferri micro test, myecon.97 terms taylorledwig Micro Econ final questions114 terms lconley2100 Other sets by this creatorChapter 1 BBK5025 terms madison_winter31 BAD 52 Ch 2, 3, 13, 14, & 1711 terms madison_winter31 Bad 52 Chapters 4,9,8,10,716 terms madison_winter31 Bad52 Test 12 terms madison_winter31 Verified questionsECONOMICS Measuring how much discrimination affects labor market outcomes is difficult because a. data on wages are crucial but not readily available. b. firms misreport the wages they pay to hide discriminatory practices. c. workers differ in their attributes and the types of jobs they have. d. the same minimum-wage law applies to workers in all groups. Verified answer ECONOMICS If an advertising business buys new computers for its employees, how might its productivity of labor be affected? Verified answer
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ECONOMICS A statewide real estate sales agency, Farm Associates, specializes in selling farm property in the state of Nebraska. Its records indicate that the mean selling time of farm property is 90 days. Because of recent drought conditions, the agency believes that the mean selling time is now greater than 90 days. A statewide survey of 100 farms sold recently revealed that the mean selling time was 94 days, with a standard deviation of 22 days. At the .10 significance level, has there been an increase in selling time? Verified answer Other Quizlet setsAP Gov Civil Liberties and Civil Rights Test: Supr…34 terms mrubel Mod 3 Security36 terms mason_geiger7 American History Chapter 1354 terms Aubrey-Adrian MODULE 6 MIS 130521 terms Andrea_Alvarez57 Which of the following causes an inward shift in the production possibilities curve?The correct answer is b. decrease in the size of the labor force. This shifts the production possibility curve inward.
Which of the following will shift the production possibilities curve outwards?The production possibility frontier will shift outward when there is and increase in the productive resources.
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Which of the following will cause the production possibilities curve to shift inward quizlet?
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