An economy's production possibilities curve indicates
A. The rate of economic growth.
B. How much the economy can produce.
C. The rate of investment.
D. The prices of any two goods.
Answer: B
You might also like to view...
Explicit costs are nonmonetary costs
Indicate whether the statement is true or false
What most accurately describes the ratio of federal employment of the total labor force between 1910 and 2007?
a. Between 1930 and 1945 the federal labor force grew dramatically, but after World War II it shrank below pre-Depression levels. b. Since 1910, federal employment has increased consistently at the rate of about 3% per year. c. Between 1910 and 1950 federal employment dropped dramatically, but after 1950 it grew consistently. d. The share of federal employment in the total labor force peaked briefly above four percent during the Korean War, and then began a steady decline to about the same level as the 1930s.
Although specialization of labor increases efficiency of production, another step is necessary
A. to exchange goods among producers. B. to remain fully employed. C. to a reallocation of natural resources. D. to assure that exchange leads to mutual gains. E. All of the responses are correct.
An example of household production excluded from GDP is
A) household cleaning services provided by Merry Maids Incorporated. B) child care provided by a certified nanny. C) tree trimming you provide at your parents' home. D) plumbing work completed by Joe Fix-it. E) lawn care provided by a local lawn care company.