Refer to the information provided in Figure 2.2 below for the economy of Microland to answer the question(s) that follow.
Figure 2.2Refer to Figure 2.2. If Microland's economy is at Point B, it could produce more capital goods
A. by sacrificing some consumer goods.
B. only with technological improvements.
C. without sacrificing any consumer goods.
D. only with additional resources.
Answer: A
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Refer to the table below. According to the table, Julia has the absolute advantage in: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. pies. B. cakes. C. neither pies nor cakes. D. both pies and cakes.
Unlike cyclical unemployment, both frictional and structural unemployment rise during recessions and fall during expansions
Indicate whether the statement is true or false
Illustrate the effect of the Fed purchasing $50 million worth of mortgage-backed securities on the Fed's balance sheet
What will be an ideal response?
Prices do not necessarily tend toward equilibrium and are subject to fits of change when a market is
a. a natural monopoly b. an unbalanced oligopoly c. monopolistically competitive d. in a long-run situation e. an oligopoly using game theory strategies