EC 111

EC 111 First Exam Version 3_WA_Gray Last document update:   ago

1. The primary determinant of a country's standard of living is a. the country’s ability to prevail over foreign competition. b. the country’s ability to produce goods and services. c. the total supply of money in the economy. d. the average age of the country's labor force. 2. The following table contains some production possibilities for an economy for a given year: Cars Newspapers 10 400 12 360 14 ? If the production possibilities frontier is bowed outward, then "?" co...