ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
- Short-run
economic growth comes from
- expanding the
production possibilities curve outward. - a rightward shift of the
aggregate supply or aggregate demand curve. - increased capacity utilization or more efficient use of existing resources.
- a decrease in population which increases output per person.
- All of the answers are correct.
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- The biggest problem of production to be solved is: Deciding how much of a business’s production budget should be invested in lobbying congress for policies favorable to the business. Deciding how best to allocate a business’s limited manpower and resources so as to produce what consumers most want. To create as many jobs as possible. To produce as many goods as possible.arrow_forwardWhich of the following was the main result of the Great Leap Forward?The CCP eliminated collective farms People demanded an end to Communist policies China industrialized within a decade It caused a famine that killed tens of millionsarrow_forwardI need a correct option for the question attached. Thank you!arrow_forward
- A Production Possibilities Curve can be used to illustrate unemployment and the country’s decision to produce more capital goods and fewer consumer goods, but it cannot show the impact of that decision one or two periods in the future. What is wrong with this statement? Correct after the bolded lettering.arrow_forwardA characteristic of centrally planned economies is that ........ the price s relatively unimportant in allocating resources. output reflects the pattern of consumer spending. income is fairly distributed among individuals. there are many incentives for innovation and hard work.arrow_forward
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