Which point on the graph below represents an inefficient use of society's resources?
What will be an ideal response?
point F
Feedback:
Point F, and all the other points in the shaded region, represent an inefficient use of society's resources because the economy is operating inside its production possibilities frontier.
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Aggregate expenditures include all of the following EXCEPT
A) consumption of food. B) purchases of intermediate goods. C) purchases of a piece of capital equipment. D) purchases of guns by the government.
Which of the following would be included in the consumption component of GDP?
a. Movie ticket sales b. Purchase of a new home c. Purchase of used clothes d. Purchase of a baseball card collection at a yard sale e. Purchase of a chain saw at an auction
Setting specific goals for reducing sulfur dioxide (SO2) and nitrogen oxides (NOX) to combat acid rain was the objective of the international agreement
a. between the United States and Canada b. between the United States and Mexico c. among all nations in the European Union d. among the United States, Canada, and Mexico
American citizens planning a vacation abroad that would require foreign currency would welcome:
A. Depreciation of the dollar. B. Appreciation of the dollar. C. Appreciation of the foreign currency. D. Devaluation of the dollar.