If a nation is currently operating at a point inside its production possibilities curve, it
A. can increase the output of one good without decreasing the output of the other good.
B. has fully employed resources.
C. has no inefficiently employed resources.
D. is operating at full potential.
A. can increase the output of one good without decreasing the output of the other good.
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If the working age population ________ and the labor force does not change, the ________
A) increases; labor force participation rate will increase B) increases; labor force participation rate will decrease C) increases; unemployment rate will increase D) decreases; unemployment rate will increase E) decreases; labor force will increase
By the year 2015, health care spending on Medicare, Medicaid, and other U.S. government programs as a percentage of GDP had reached a level of
A) 2.2 percent. B) 6 percent. C) 17.5 percent. D) 21.5 percent.
A Pareto optimum is a point that
A) a malevolent dictator would choose. B) a cooperative coalition of some altruistic consumers would choose. C) a cooperative coalition of some socially responsible firms would choose. D) a social planner would choose.
If the Fed desires an interest rate increase, the Federal Open Market Committee (FOMC) could buy U.S. government securities in the open-market
Indicate whether the statement is true or false