A point outside the production possibilities curve represents a combination of goods that is:
a. inefficient. b. efficient.
c. unattainable. d. attainable.
c
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Refer to Figure 17-9. Fed Chairman Paul Volcker's response to the ________ of the late 1970s is depicted in the figure above as a movement from C to D to A
A) appreciation of the dollar B) deflation C) high inflation D) high unemployment
Rent-seeking behavior creates:
A. waste and inefficiency. B. waste, but is efficient. C. inefficiencies, but not waste. D. efficiency without waste.
A person's incentive to spend additional money on conspicuous consumption goods will be ________ to the amount and reliability of independent information that people have about his abilities.
A. inversely related B. equal C. positively related D. unrelated
Authoritative estimates suggest that currently union workers on the average:
A. achieve no wage advantage over nonunion workers in the same occupation. B. realize a 5 percent wage advantage over nonunion workers in the same occupation. C. realize a 20-30 percent wage advantage over nonunion workers in the same occupation. D. realize a 15 percent wage advantage over nonunion workers in the same occupation.