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

Economics

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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.

Economics

Changes in business inventories are known as

A) consumer durable. B) consumption goods. C) fixed investment. D) inventory investment.

Economics

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

Economics

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

Economics