A production possibilities curve represents
What will be an ideal response?
all possible combinations of output that could be produced assuming fixed productive resources and their efficient use.
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During the second half of 2008, the Fed approximately doubled the reserves of the commercial banking system. As a result, the M1 money supply
a. fell sharply, because the banks used the excess reserves to extend additional loans. b. also approximately doubled. c. was unchanged, because bank reserves will not affect the M1 money supply. d. increased, but by a much smaller amount, because the banks used only a small portion of their excess reserves to extend additional loans.
Goods with close substitutes tend to have more elastic demands than do goods without close substitutes
a. True b. False Indicate whether the statement is true or false
More than a quarter of the population experiences ________ poverty at some point in their lives, perhaps due to losing a job or experiencing sickness or injury.
A. abject B. transient C. chronic D. None of these is true.
If we use the shortrun (specificfactors) model to model FDI movement from one nation to another, then wages in the recipient nation:
a. decline absolutely. b. rise as a result of an increase in the MP of labor. c. are not affected. d. decline relatively, as capital competes with labor but not absolutely.