For most of World War II, the United States economy temporarily operated ____________ the production possibilities frontier.
Fill in the blank(s) with the appropriate word(s).
outside (or, beyond)
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Individual Retirement Accounts and 401(k) plans make the current U.S. tax system
a. more like a consumption tax and so more like the tax system of many European countries. b. more like a consumption tax and so less like the tax system of many European countries. c. less like a consumption tax and so more like the tax system of many European countries. d. less like a consumption tax and so less like the tax system of many European countries.
A nation benefits from international trade if it:
A. exports more than it imports. B. imports more than it exports. C. imports goods for which it is a low opportunity cost producer. D. exports goods for which it is a low opportunity cost producer.
Answer the following statements true (T) or false (F)
1) A nation's export supply curve is downsloping and its import demand curve is upsloping. 2) The equilibrium world price of a product equates the quantities of exports supplied and imports demanded. 3) Economists prefer free trade to tariffs, and prefer tariffs to import quotas. 4) A side benefit of international trade is that it links national interests and increases the opportunity costs of war.
One formula for ________ is TVC/q.
A. TC B. TFC C. MC D. AVC