An outward shift of a production possibilities curve can be caused by

The chart below shows the number of resource units the countries Gamma and Omega must use to produce one unit of food or one unit of clothing. Table: Resources that Gamma and Omega use to produce food & clothing Gamma Omega Food 10 resource units 5 resource units Clothing 9 resource units 3 resource units Which of the following statements is true according to the chart above?

Toby’s Toy Trains produces train sets in a monopolistically competitive market. If Toby increases the price of a train set by 5 percent, causing a 10 percent decrease in the quantity demanded of train sets, which of the following will occur?

A farmer in Country A can harvest 20 bushels of wheat or 10 bushels of corn in a day, while a farmer in Country B can harvest 8 bushels of wheat or 8 bushels of corn in a day. If Country A and Country B specialize and trade, Country A will

In a command economy, the quantity of computers produced would be determined by

If a 10 percent increase in the price of good X results in a 20 percent decrease in the quantity of good Y demanded, which of the following is true?

All of the following are included in computing the opportunity cost of attending college EXCEPT

Assume an economy uses one input, labor, to produce two goods, X and Y, with constant opportunity cost. Which of the following would cause a parallel shift to the right of the production possibilities curve (PPC)?

Which of the following is true of an economy’s production possibilities curve?

Command economies differ from capitalist economies mainly because of which of the following?