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Answers for previously taken exam

A nation's production possibilities curve is bowed out from the origin because

resources are not equally efficient in producing the every good.

Refer to the above diagram. Flow 3 represents

land, labor, capital, and entrepreneurial ability

In 2007 the price of oil increased, which in turn caused the price of natural gas to rise. this can best be explained by saying that oil and natural gas are

substitute goods and the higher price for oil increased the demand for natural gas

Which of the following will not casue the demand for product K to change?

a change in the price of K

A rightward shift in the demand curve for a product C might be caused by

a decrease in the price of a product that is complementary to C

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