Which of the following is true if equilibrium exceeds full employment?
A. Growth rates are unacceptably low.
B. The economy is experiencing low inflation.
C. The economy is inside the production possibilities curve.
D. The economy is working beyond normal capacity.
Answer: D
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Lou buys a Star Wars: The Force Awakens poster at a garage sale for $30 and resells it on eBay to Kyle for $60. Which of the following statements is true?
A) The transaction is economically inefficient. B) The transaction has made Lou and Kyle better off. C) The transaction has made Lou better off and Kyle worse off. D) It is not possible for Kyle to enjoy any consumer surplus from this transaction.
If we were on curve J, the lowest three quintiles received about _____% of income.
A. 20
B. 40
C. 50
D. 60
Which of the following is the best example of an artificially scarce good?
a. premium cable channels b. lobster c. college classes d. gasoline
A ________ p-value means the probability is ________ of getting the result you find in the sample data if the null hypothesis is true.
A. small; small B. negative; certain C. positive; certain D. small; large