A construction company has built 50 houses so far this year at a total cost to the company of $8 million. If the company builds a 51st house, its total cost will increase to $8.18 million. Which of the following statements is correct?
all of the above
According to Adam Smith, the success of decentralized market economies is primarily due to
Individuals' pursuit of self-interest
The fact that different countries experience different standards of living is largely explained by differences in those countries’
productivity levels
To raise productivity, policymakers could
all of the above
To improve living standards, policymakers should
formulate policies designed to increase productivity
The short-run tradeoff between inflation and unemployment implies that, in the short-run
a decrease in the growth rate of the quantity of money will be accompanied by an increase in the unemployment rate
Large or persistent inflation is almost always caused by
government printing too much money
Both the production of goods and services and the unemployment rate are used to measure
the business cycle
The business cycle is the
irregular fluctuations in economic activity
Economists make assumptions
to make the world easier to understand
Economists, like mathematicians, physicists and biologists
all of the above
The circular-flow diagram is a
visual model of how the economy is organized
The two loops in the circular-flow diagram represent the flow of
inputs and outputs and the flow of dollars
The production possibilities frontier is a
graph that shows the various combinations of output the economy can possibly produce given the available resources and technology
A production possibilities frontier shifts outward when
the economy experiences economic growth
Given the table shown below, if the production possibilities frontier is bowed outward, then "?" could be
310 (If the question said "straight line", then answer would be 320 )
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