In terms of the production possibilities curve, inefficiency is represented by
A. All points inside the curve.
B. All points outside the curve.
C. All points on the curve.
D. A rightward shift of the curve.
Answer: A
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Refer to Scenario 1-1. Had the firm not produced and sold the last 3,000 cell phones, would its profit be higher or lower, and by how much?
A) Its profit will be $6,000 lower. B) Its profit will be $700 lower. C) Its profit will be $700 higher. D) Its profit will be $6,700 higher.
Changes in business inventories are known as
A) consumer durable. B) consumption goods. C) fixed investment. D) inventory investment.
If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units, then demand is
a. elastic b. inelastic c. of unitary elasticity d. 0 e. inferior
Which of the following sets legal reserve requirements?
a. Board of Governors b. District Federal Reserve Banks c. Federal Open Market Committee d. Federal Advisory Council e. Treasury Department