Problem 1: Technological improvements will:
a. leave the production possibilities curve unchanged
b. shift the production possibilities curve inward
c. shift the production possibilities curve outward
d. necessarily lead to increased unemployment
Problem 2: Which of the following is not a factor of production
a. labor
b. machines and buildings
c. land
d. money
Problem 3: An example of a positive statement is
a. the rate of unemployment is 4 percent
b. a high rage of economic growth is good for the country
c. everyone in the country need to be covered by national health insurance
d. Baseball players should not be paid higher salaries than the president of the United States.