A society's production possibility frontier is bowed in from the origin due to specialized resources.
Answer the following statement true (T) or false (F)
False
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When actual output equals potential output and the inflation rate is equal to the expected rate of inflation, the economy is said to be in ________ equilibrium.
A. recessionary B. long-run C. expansionary D. short-run
Refer to Figure 4-6. What area represents the deadweight loss at the equilibrium price of P1?
A) G + H B) C + E C) C + E + H D) There is no deadweight loss at the price of P1.
A firm in a competitive input market can
A) hire workers at the going wage. B) hire additional workers only by raising wages. C) hire additional workers at lower wages because those who are still unemployed are anxious to work. D) hire additional workers only after a long search process.
Historically, household debt in the U.S. had been:
A. rising steadily since the Great Depression until the early 2000s, when it accelerated. B. rising steadily since the Great Depression until the early 2000s, when it declined. C. fairly constant since the Great Depression until the early 2000s, when it accelerated. D. fairly constant since the Great Depression until the early 2000s, when it declined.