What determines the position and shape of a society’s production possibilities frontier?
A. The physical resources of that society
B. The skills of the workforce
C. The level of technology of the society
D. The amount of factories in the society
E. All of the responses are correct.
Answer: E
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Disposable personal income is defined as
A) personal income less personal taxes. B) personal income less personal taxes plus indirect sales taxes. C) personal income less transfer payments plus personal taxes. D) personal income less depreciation.
Events that shift the Ap demand schedule to the left also cause ________ the IS curve
A) movements downward along B) movements upward along C) parallel rightward shifts of D) parallel leftward shifts of
One implication of goods being standardized in a market is:
A. the government regulations must promote competition and lower prices to be efficient. B. there are no information asymmetries. C. the similarity in products may be real or perceived. D. the market has a low degree of competition.
Since 1970, the poverty rate has largely fluctuated between:
A. 5 and 10 percent. B. 0 and 5 percent. C. 15 and 25 percent. D. 10 and 15 percent.