Which of the following statements is not correct?   Multiple Choice   An increase in a nation's labor supply will cause its potential output to increase.   Economic growth can be illustrated by an expansion of a nation's production possibilities curve.   An increase in the quantity of a nation's resources will cause economic growth, but an increase in the quality of res

Check all of the following that are true. The Korean peninsula provides a useful natural experiment in which the effects of differing economic philosophies are stark Nations that repress their citizens tend to have some of the worst living conditions in the world Economically repressed North Korea had a GDP per capita (PPP) of $1,700 and a -1.1 percent GDP growth rate as of 2015, while South Korea and its much freer economy had a 2017 GDP per capita (PPP) of $39,400 and economic growth of three percent Nations that provide their citizens the most economic freedom (strongest rule of law, limited government, efficient regulation, and open markets) are the least prosperous

Classify the below statements as positive or normative statements: • Canada and Japan account for sizeable portions of the other's exports. • The free trade deal reduces tariffs between the two countries and provides increased access to consumer markets for exporters. Canada and Japan should seek other methods of increasing trade. • The free trade deal between Canada and Japan increases the overall economic well-being (economic surplus) of both countries.

Q6. Suppose you work as a tutor in your school, making $16 per hour. Yesterday, you decided to cancel your two-hours tutoring appointment to meet old friends for a tea. The tea cost you $3.50. What will the opportunity cost of this decision in dollars? Please explain in points.