Any combination of two goods that lies within the production possibilities frontier
A) is currently impossible to produce.
B) is currently possible to produce.
C) represents a more efficient combination of output than anything lying beyond the frontier.
D) represents a more efficient combination of output than anything lying on the frontier.
B
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For an economy starting at full employment real GDP, a decrease in investment results in a(n)
A. decrease in full-employment output. B. inflationary output gap. C. recessionary output gap. D. increase in full-employment output.
You enter a classroom, which is littered with newspapers. This is because
A) students are too lazy to clean up. B) maintenance people only clean once a day. C) it is a way to protest against the tuition rates. D) students do not pay for littering.
When analyzing the effects of government spending, net taxes, and the Z factors, what primarily matters is the shape of
A. both the AD curve and the AS curve. B. neither the AD curve nor the AS curve. C. the AD curve. D. the AS curve.
When a monopolist sells two units of output its total revenue is $150. When it sells three units of output its total revenue, is $180. When the monopolist sells three units of output, the price per unit is
A. $50. B. $60. C. $75. D. $90.