If a society moves from a period of time with significant unemployment to a time with full employment, its production possibilities frontier will
A) shift rightward.
B) not shift because the society moves from a point inside the frontier to a point on the frontier.
C) shift leftward.
D) not shift because the society moves from one point on the frontier to a point inside the frontier.
E) not shift because the society moves from one point on the frontier to a point outside the frontier.
B
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The price elasticity of supply is higher when
A) the number of producers in the market increases over time. B) the product in question is a complementary good. C) the number of buyers in the market increases. D) producers have less time to adjust to price changes.
Which of the following statements is correct? a. To control the money supply, the Fed relies primarily on the reserve requirement
b. The discount rate is the rate of interest banks charge to their best customers. c. The Fed changes the reserve requirement frequently. d. Because the Fed has no way to earn income, it is dependent upon Congress for appropriations. e. Banks can turn a borrower's IOU into money.
Which of the following are three key components of the economic problem?
a. scarcity; choice; giving up valuable opportunities b. surplus; choice; competing opportunities c. scarcity; competing opportunities; income d. surplus; income; giving up valuable opportunities
What is the relationship between marginal revenue and average revenue for a monopolist and is it the same for a perfect competitor?
What will be an ideal response?