If all resources are used efficiently to produce goods and services, a nation will find itself producing
a. inside its production possibilities frontier
b. somewhere on its production possibilities frontier
c. outside of its production possibilities frontier
d. at one extreme end of its production possibilities frontier
e. more of one product with no decrease in the production of any other product
B
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If inflation is completely anticipated
A) borrowers lose in the economy. B) firms lose because they incur menu costs. C) lenders lose in the economy. D) no one loses in the economy.
The Mint Act of 1792 failed to provide for a stable domestic hard currency for the U.S. because
(a) the supply of gold and silver was inadequate. (b) the federal government failed to make the coins legal tender. (c) gold was undervalued, while silver was exported. (d) the notes of the U.S. government were not accepted by the population because of their low value, while the government had no gold to offer.
The justification for government action based on the argument that everyone agrees to be coerced if everyone else is forced as well is not compatible with the criterion of Pareto superiority
a. True b. False
Which of the following are legal tender?
a. A check b. A Federal Reserve note c. A bank note issued by a private bank d. A credit card e. A traveler's check