The production possibilities curve shows all possible combinations of
A) two goods that are desired by society.
B) two goods that can be efficiently produced with a given set of resources.
C) two goods that can be purchased given the prices of the goods.
D) two goods that two countries can trade with each other.
Answer: B
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As disposable income decreases, consumption
A. and saving both increase. B. decreases and saving increases. C. and saving both decrease. D. increases and saving decreases.
Which of the following are parts of the business cycles?
A) peak and potential GDP B) real GDP and potential GDP C) recession and expansion D) inflation and recession
Which of the following is true of the short-run aggregate supply curve?
a. It shows the relation between the inflation rate and the quantity of aggregate output firms supply, other things constant. b. It shows the relation between the price of labor and the aggregate quantity of labor workers supply, other things constant. c. It shows the relation between the interest rate and the quantity of capital goods firms supply, other things constant. d. It shows the relation between the price level and the quantity of aggregate output firms supply, other things constant. e. It shows an inverse relationship between the price level and real GDP.
Every year, the U.S. allows 500,000 people from developing countries to immigrate to the U.S. permanently, which means:
A. it has a lower rate of acceptance than admission rates to the most competitive U.S. colleges. B. there is a severe surplus, since 13.6 million apply to enter the U.S. C. many people resort to immigrating illegally. D. All of these statements are true.