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30 Oct 2020

4. A production possibility curve, illustrating the output options for Capital and Consumer goods, shifts to the right because there is

 
a. an increase in inflation.
b. an improvement in technology.
c. reduced unemployment.
d. an increase in exports

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30 Oct 2020

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Related questions

Ceteris paribus, an improvement in production technology:

a. shifts the demand curve to the right, increasing both equilibrium price and output.

b. shifts the demand curve to the left, reducing both equilibrium price and output.

c. shifts the supply curve to the right, reducing the equilibrium price and increasing equilibrium output.

d. shifts the supply curve to the left, increasing the equilibrium price and reducing equilibrium output.

 

An increase in expected inflation

a. shifts the short-run Phillips curve upward, and the unemployment-inflation trade-off is more favorable.

b. shifts the short-run Phillips curve downward, and the unemployment-inflation trade-off is more favorable.

c. shifts the short-run Phillips curve downward, and the unemployment-inflation trade-off is less favorable.

d. shifts the short-run Phillips curve upward, and the unemployment-inflation trade-off is less favorable.

MULTIPLE CHOICE QUESTIONS:

Note: Price elasticity of demand is given as an absolute value throughout.

The production possibility frontiers for Arboc and Arbez are shown below. Use this information for the next nine questions.

1. Which of the following is most likely to shift out the Arbocali production possibility frontier?
A. An increase in the general educational level of the Arbocali labor force.
B. An increase in the income of Arbocali consumers.
C. An increase in the purchase of stocks on the Arbocali Stock Exchange.
D. A reallocation of resources toward consumer goods.

2. If the Arbocali economy moves from Point A to Point B, the opportunity cost would be
A. 30 consumer goods.
B. 20 capital goods.
C. 40 capital goods.
D. 10 consumer goods.

3. If the Arbocali economy moved from Point A to Point B, we would expect
A. a decreased standard of living in the future as consumption has decreased.
B. increased unemployment in the future.
C. decreased unemployment in the future.
D. the economy to grow more rapidly in the future

4. Arbez is currently producing 25 consumer goods and 60 capital goods. If Arbez increases capital good production to 75, the opportunity cost will be
A. 15 consumer goods.
B. 0 consumer goods.
C. 5 consumer goods.
D. 10 consumer goods.

5. Both Arboc and Arbez are producing 30 consumer goods and each is on its production possibility frontier. We can conclude that
A. Both economies will grow equally rapidly.
B. Arboc will grow more rapidly than Arbez.
C. Arbez will grow more rapidly than Arboc.
D. Arboc is currently experiencing a higher rate of unemployment than Arbez.

6. Arbez becomes able to increase its maximum output of consumer goods. This indicates that the opportunity cost of consumer goods in Arbez has
A. decreased and the opportunity cost of capital goods has remained unchanged.
B. increased and the opportunity cost of capital goods has decreased.
C. increased and the opportunity cost of capital goods has remained unchanged.
D. decreased and the opportunity cost of capital goods has increased.

7. Arbez

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