Which of the following economic indicators is used by the World Bank to classify countries as industrial or emerging economies?
a. GDP
b. Rate of inflation
c. Net exports
d. Per capita income
e. Budget deficits
Question 2
A production possibilities curve will be concave as opposed to straight line if
a. the law of increasing opportunity costs applies.
b. some resources cannot be easily adapted to different tasks.
c. the opportunity cost of the production of a good increases as more of it is produced.
d. all of the above
