Economic Growth can be illustrated graphically with: A. The Production Possibility Curve shifting outward or to the right. B. The Production Possibility Curve shifting inward or to the left. C. A Supply and Demand Curve. D. The Laffer Curve.
| A. |
The |
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| B. |
The Production Possibility Curve shifting inward or to the left. |
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| C. |
A |
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| D. |
The Laffer Curve. |
Economics is defined as:
| A. |
the efficient allocation of the scarce means of production toward the satisfaction of human wants. |
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| B. |
the inefficient allocation of the scarce means of production toward the satisfaction of human wants. |
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| C. |
the efficient allocation of the plentiful means of production toward the satisfaction of human wants. |
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| D. |
the efficient allocation of the scarce means of production toward the satisfaction of human needs. |
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Economic growth is an increase over time in the quantity of goods and services generated per person in the population.
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