If an economy is at its potential output level, which of the following is not true?
a. The economy is at its full-employment output level.
b. Unemployment is at the natural level.
c. The price level is zero.
d. The output level being produced can be sustained indefinitely given the economy's resources and technology.
e. The only unemployment is frictional or structural.
C
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Any production point outside the production possibilities frontier is
A) unattainable. B) associated with unused resources. C) attainable only if prices fall. D) attainable only if prices rise.
Is measured as the percentage chnage in real per capita GDP
What will be an ideal response?
Consider a labor market in equilibrium. If the demand curve shifts to the left while the supply curve shifts to the left, then the number of workers hired in the market will:
A. increase. B. decrease. C. remain unchanged. D. either increase or decrease or remain unchanged.
Every tax has two parts: a(n) ________ and a(n) ________.
A. base; incidence B. rate structure; excess burden C. base; rate structure D. incidence; rate