A curve showing alternative combinations of goods that can be produced when available resources are used efficiently is known as the _____
a. circular-flow model.
b. IS-LM model.
c. production function.
d. productivity possibilities frontier. e. production possibilities frontier.
e. production possibilities frontier.
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The figure above shows the market for airline tickets. If airline tickets are a normal good, then the recession in 2008 that caused people's incomes to decrease led to a shift from
A) D0 to D1. B) D1 to D0. C) S0 to S1. D) S1 to S0.
A one-year Treasury bill with a face value of $1,000 and an annual yield of 5 percent sells for approximately
A) $1,005. B) $995. C) $952. D) $948.
Explain what is meant by "derived demand" as it relates to factors of production
In the simple circular-flow diagram, with households and firms, GDP can be computed a. as the income received by households, in the form of wages, rent and profit. b. as the income received by households in the form of wages
c. as the payments made by firms for labor. d. as the profits received by households.