The importance of the production possibilities curve is that it shows the different combinations of goods and services that a society can produce: (check all that apply)
a. efficiently.
b. given a fixed amount of resources.
c. given a fixed state of technology.
d. given an unlimited amount of resources.
e. when marginal benefit equals marginal cost.
f. in a fully employed economy.
a. efficiently.
b. given a fixed amount of resources.
c. given a fixed state of technology.
f. in a fully employed economy.
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If a country's currency depreciates, the country will experience a ________ in exports and a ________ in imports
A) rise; rise B) fall; fall C) rise; fall D) fall; rise
A local government currently has a tax base of $10 billion and a tax rate of 10 percent. If the tax rate is increased to 12 percent, the tax base becomes $8.5 billion. If the goal is to maximize tax revenues the tax rate should be
A) raised above 12 percent. B) kept at 10 percent. C) raised to 12 percent. D) abolished.
Consumer spending represents about what fraction of total spending in the economy?
a. one-fifth b. two-thirds c. one-third d. two-fifths e. three-fourths
Lenders sell bonds and borrowers buy them
a. True b. False Indicate whether the statement is true or false