Points inside the production possibilities frontier represent
a. full and efficient use of all resources
b. inefficiency or unemployment (or both)
c. currently unattainable combinations of outputs
d. currently unattainable combinations of resources
e. the most desirable combinations of outputs
B
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The horizontal portion of the short-run aggregate supply curve reflects the Keynesian assumption of "sticky" prices
Indicate whether the statement is true or false
Relative to fiscal policy, monetary policy
a. has fewer harmful side effects. b. requires much more time to implement. c. is more closely controlled by Congress. d. is much more independent of the political process.
A college student who is enrolled in school full-time and not seeking employment is considered: a. out of the labor force
b. unemployable, and not counted in official statistics. c. employed in leisure. d. underemployed.
The selection of the short-run rate of _______ (with existing plant and equipment) is the production decision.
Fill in the blank(s) with the appropriate word(s).