We temporarily operated outside the production possibilities frontier for at least two years in which one of the following decades?
A. The 1930s
B. The 1940s
C. The 1970s
D. The 1980s
B. The 1940s
You might also like to view...
What do many economists blame for the severity of the Great Depression?
A) The collapse of the banking system. B) A rapid increase in the money supply. C) The issuing of an excessively large amount of currency by the Federal Reserve. D) The collapse of the electronic funds transfer system.
Economics is a social science that primarily explores how: a. businesses market products under competitive conditions
b. stock and bond prices fluctuate when there are changes in demand or supply. c. the government allocates its budget among competing political interests. d. goods and services are consumed, produced and distributed in a world with limited resources.
Natural resources are:
A. not considered scarce because no one pays for them. B. rarely used in production. C. included in the category of resources called land. D. available in unlimited quantities.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.