The production possibility curve is bowed outward from the origin because of:
A. the law of increasing opportunity costs.
B. the finite nature of the resource base.
C. inefficiency.
D. unemployment.
Answer: A
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If desired spending is less than output, then firms:
A) accumulate their inventories and cut production. B) deplete their inventories and cut production. C) deplete their inventories and increase production. D) accumulate their inventories and increase production.
The European Common Market was renamed the ______________________.
Fill in the blank(s) with the appropriate word(s).
The federal government gets _____ of its tax revenue from direct taxes.
A. all B. nearly all C. about half D. less than half
Can unionization in an industry adversely affect productivity? Explain your answer
What will be an ideal response?