Which of the following is NOT illustrated by a production possibilities frontier?
A) scarcity
B) opportunity cost
C) necessity for choice
D) who gets the goods
D
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In the long run, the unemployment rate
A) is equal to the expected unemployment rate. B) is zero. C) can take on any value. D) is equal to the natural unemployment rate. E) must be equal to the expected inflation rate.
The balance of trade can only worsen if income ________ relative to absorption
A) increases B) decreases C) does not change D) None of the above
Which characteristic does not help define a monopoly?
a. no close substitutes b. price-making behavior c. firm is the industry d. mutual interdependence e. firm's demand curve is market demand curve
Rational ignorance exists primarily because
A) voters are apathetic. B) politicians tend to voice the same general views, so there is no reason to learn more about the issues. C) the costs of becoming informed outweigh the benefits of doing so. D) any of the above