The slope of a line parallel to the vertical axis is:
a. 1.
b. 0.
c. infinite.
d. undefined.
c
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Spending on items other than consumption represents about what percent of total output of goods and services?
A. 20 percent B. 30 percent C. 40 percent D. 60 percent
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Failing to be fully informed may be efficient if information
A) is free. B) is scarce. C) is subject to increasing returns. D) has no opportunity cost of production.
As output moves from point a to point b to point c along the PPF in the above figure, the opportunity cost of one more unit of good X
A) rises. The opportunity cost of one more unit of good Y also rises. B) rises. The opportunity cost of one more unit of good Y falls. C) falls. The opportunity cost of one more unit of good Y rises. D) falls. The opportunity cost of one more unit of good Y also falls.