Efficient production can be carried out anywhere on or beyond the production possibilities frontier.
Answer the following statement true (T) or false (F)
False
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Actual unemployment can exceed the natural rate of unemployment due to
A) cyclical unemployment. B) structural unemployment. C) frictional unemployment. D) all of the above.
The table above shows the marginal private benefit, marginal social benefit, and marginal cost of education at the College of Epsilon. What is the tuition that will make the number of students equal to the efficient number?
A) $400 B) $800 C) $2,800 D) $3,200
Assuming that, over a given period, the value of transactions in current dollars is $8 trillion and the money stock is $500 billion. What is the transaction velocity of money?
a. .0625 b. 12 c. 16 d. None of the above
If both supply and demand for a good increase, which of the following will definitely happen?
a. Equilibrium price will remain the same b. Equilibrium price will increase c. Equilibrium price will decrease d. Equilibrium quantity will increase e. Equilibrium quantity will decrease