Suppose the country of Maverick has specialized in the production of a good but has not yet entered into trade. At this point in time, Maverick has
A. Moved to a level of consumption outside its production possibilities curve.
B. Moved along its existing production possibilities curve.
C. Moved to a level of production outside its production possibilities curve.
D. Shifted its production possibilities curve outward.
Answer: B
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Monetarists would likely argue that the severe recession of 2007-2009 was primarily caused by
A. too much deregulation of the financial sector in previous years. B. excessive money supply creating a bubble in some sectors of the economy. C. wide swings in investment expenditures driving erratic fluctuations in aggregate demand. D. adverse aggregate-supply shocks causing tremendous unemployment.
What causes new firms to enter into a monopolistically competitive market structure?
What will be an ideal response?
Who decides whether a movie is going to be a blockbuster? How do you think the creation of a blockbuster movie influences what, how, and for whom goods and services are produced?
What will be an ideal response?
If a person worked at least 15 hours per week as an "unpaid" worker in a restaurant owned by her family, how is she classified by the Bureau of Labor Statistics?
A) as not in the labor force B) as an unemployed person C) as an employed person D) as a discouraged worker