Which of the following is an incorrect statement?
a. An economy with many unemployed workers and idle factories is not operating efficiently.
b. Idle factories represent unemployed capital resources
c. A large amount of unemployed resources will shift the production possibilities curve outward.
d. Idle farms represent unemployed land resources.
c
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The short-run Phillips curve tradeoff becomes less favorable if either
A) the expected inflation rate or the natural unemployment rate increases. B) potential GDP or the natural unemployment rate increases. C) potential GDP or the natural unemployment rate decreases. D) the level of real GDP decreases or the natural unemployment rate decreases. E) the expected inflation rate increases or the natural unemployment rate decreases.
Why do trade-offs occur? How are budget constraints related to trade-offs?
What will be an ideal response?
The marginal productivity theory of income distribution was developed by
A) William Stanley Jevons. B) George Akerlof. C) John Bates Clark. D) Edward Lazear.
If two goods are substitutes, then a(n)
a. increase in the demand for one of them will cause its price to fall b. increase the supply of one of them will cause its price to rise c. increase in the price of one of them will cause the demand for the other to increase d. increase in the price of one of them will cause the supply of the other to increase e. decrease in the price of one of them will cause the demand for the other to increase