The following graph is the production possibility curve for a three-person economy, with workers Janna, Drew, and Karl.
The slope of the PPC between points X and Y is determined by ________ opportunity cost.
A. Janna's
B. Kari's
C. Drew's
D. Janna and Drew's
Answer: C
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Tax cuts aimed at businesses can stimulate
A) social spending. B) net exports. C) private consumption. D) investment spending.
Instead of trying to balance the budget every year, it is easier to:
A. balance the budget over the business cycle. B. allow deficit spending only in times of economic downturn. C. allow surpluses to build during times of economic booms. D. All of these statements are true.
Changes in relative prices during inflationary periods usually lead to
a. decreases in real income. b. some people gaining real income. c. increases in the purchasing power of money. d. increases in real income.
Competitive markets are characterized by
a. a small number of buyers and sellers. b. unique products. c. the interdependence of firms. d. free entry and exit by firms.