EC 111
University Of Alabama - Huntsville
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EC 111 First Exam Version 3_WA_Gray
- Exam (elaborations) • 10 pages • 2021
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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...
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