When the production possibility curve shifts outwards, the economy experiences
Growth
Over-production
Inefficient use of resources
Under-production
Correct answer is A
When the curve shifts outward, or to the right, that means output is increasing.
Which of the following is central to the definition of Economics?
Resources
Wants
Scarcity
Capital
Correct answer is C
Scarcity is one of the most important components of the definition of economics. It signifies the gap between limited resources and limitless wants.
Natural resources that are renewable are found in the
Mining sector
Traditional sector
Agricultural sector
Secondary sector
Correct answer is C
Renewable resources refer to those resources that can renew themselves in time. They include living resources like forests or non-living ones like wind, water, solar energy, and biomass which includes wood, sewage, and ethanol (which comes from corn or other plants).
Exploitation of forest resources becomes a major problem when
Communities fight over ownership
They are not renewed
They are neglected
The supply is fixed in the long-run
Correct answer is C
No explanation has been provided for this answer.
One measure for financing a country's balance of payments deficit is through
Export diversification
Import substitution
Short-term borrowing from IMF
Internal borrowing from commercial banks
Correct answer is C
In correcting the balance of payment deficit, countries may borrow money in foreign currencies, which they must repay with interest, by purchasing with their own currencies, the foreign currencies held by the IMF.
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