When an economy is operating at a point on its production possibilities frontier, then
a. consumers are content with the mix of goods and services that is being produced.
b. there is no way to produce more of one good without producing less of the other.
c. equal amounts of the two goods are being produced.
d. All of the above are correct.
b
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Recall the Application. The European nations that adopted the euro as a common currency no longer have their own central banks and are therefore no longer able to conduct their own independent
A) trade policy. B) fiscal policy. C) international investment. D) monetary policy.
The Constitution helped establish a secure and well-defined system of property rights and rights of persons because it did which of the following?
(a) It established that people could be deprived of property without due process of law. (b) It loosely defined which contracts would be enforced. (c) It permitted bankruptcy without just cause and required government stamp of approval. (d) It let market forces, not government, set prices on the sale of land among private citizens.
The Social Security system is a(n)
A) ad valorem system. B) ability to pay system. C) progressive tax system. D) pay-as-you-go system.
The Dodd-Frank law
A) created new regulations for financial markets and firms. B) based compensation of bankers on shareholder value. C) rewarded bankers when market share increased. D) created rules that help create the recent financial crisis. E) removed capital requirements on financial institutions.