The institutional production possibilities frontier illustrates the different combinations of goods that society can obtain given
A) the constraints of finite resources and the current state of technology.
B) the price level.
C) its institutional constraints.
D) the natural rate of unemployment.
E) the constraints of finite resources and the current state of technology and institutional constraints.
E
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Based on the data in Table 3.1
A) Jesse should specialize in both goods. B) Jesse should specialize in painting kites and trade for snowboards. C) Jesse should specialize in painting snowboards and trade for kites. D) April should specialize in both goods.
If producers have an expectation of higher future prices, the supply of the good that is currently available
A) will be all that is produced. B) will decrease. C) will not change. D) will increase.
The old-age dependency ratio is found by
A. dividing the number of older people by the number of people in the entire population. B. dividing the number of older people by the number of people of working age. C. multiplying the number of older people by the percentage in that group who have no retirement savings. D. dividing the number of people of working age by the number of retirees.
Total output for an economy is basically equal to work-hours divided by labor productivity.
Answer the following statement true (T) or false (F)