What can be determined by looking at this production possibilities curve?
a. Studying longer will not improve the grade in economics.
b. It is not possible to get an A in both classes.
c. The highest attainable history grade is a B.
d. It takes less studying to get an A in history than in economics.
b. It is not possible to get an A in both classes.
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The potential adult work force includes:
A) non-institutional population 13 years and over plus people on active duty in the military. B) non-institutional population 16 years and over plus people on active duty in the military. C) non-institutional population 18 years and over. D) civilian non-institutional population 16 years and over.
Between 2013 and 2016, a country's nominal GDP grew by 18 percent and its inflation rate (based on the chain-weighted price index for GDP) was 11 percent. How fast did real GDP grow over this period?
What will be an ideal response?
Peanut butter and jelly are complements for many consumers. Consider the market for peanut butter. If there is an increase in the price of jelly,
A) there is a shift in the supply curve for jelly. B) the price of peanut butter rises. C) the quantity of peanut butter increases. D) the demand curve for peanut butter does not shift; instead there is a movement along it. E) there is a movement along the supply curve of peanut butter.
For choice sets generated from endowment bundles, the budget line will shift parallel if both prices change by the same proportion.
Answer the following statement true (T) or false (F)