Which of the following would mostly likely shift the production possibilities curve in an outward direction?
a. a decrease in the current rate of unemployment
b. a movement along the curve sacrificing capital goods for consumption goods
c. an increase in the price of goods and services
d. advances in medicine that reduce the incidence of disease and lengthen productive life spans
d
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As products become less differentiated:
A. consumers are less willing to switch in response to price changes and competition becomes more intense. B. consumers are more willing to switch in response to price changes and competition becomes more intense. C. consumers are less willing to switch in response to price changes and competition becomes less intense. D. consumers are more willing to switch in response to price changes and competition becomes less intense.
All points inside the production possibilities curve indicate
A) a lack of sufficient supply. B) inefficiency in production. C) the law of increasing relative cost. D) the law of decreasing relative cost.
You recently graduated from college and you are actively looking for employment. The economy has completely recovered from the last recession and you are taking your time looking for the "perfect" job. In the meantime, the unemployment you are experiencing is categorized as
A. structural. B. cyclical. C. frictional. D. seasonal.
Referring to Table 4.2, Box R should be filled with 
A. $6.00. B. $30. C. $12.50. D. $8.00.