Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable.
B. cannot be produced with the current state of technology.
C. represents underallocation of resources.
D. represents what the people want.
Answer: B
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Each firm in perfect competition:
A. follows the pricing decisions of other firms. B. follows the output of other firms. C. follows the reactions of competitors. D. sets quantity based on market price.
The cyclically adjusted budget tells us:
A. that in a full-employment economy, the federal budget should be in balance. B. that tax revenues should vary inversely with GDP. C. what the size of the federal budget deficit or surplus would be if the economy was at full employment. D. the actual budget deficit or surplus realized in any given year.
The United States produces more services than goods
Indicate whether the statement is true or false
Suppose that the Bank of Japan buys U.S. dollar assets with yen-denominated assets. Everything else held constant, this transaction will cause ________ in the foreign assets held by the Federal Reserve and ________ in the U.S. monetary base
A) an increase; an increase B) an increase; a decrease C) a decrease; an increase D) a decrease; a decrease