Which of the following will shift the production possibilities curve to the right?
A. An increase in the unemployment rate from 6 to 8 percent.
B. A decline in the efficiency with which the present labor force is allocated.
C. A decrease in the unemployment rate from 8 to 6 percent.
D. A technological advance that allows farmers to produce more output from given inputs.
Answer: D
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Health clubs typically experience an increase in one-year memberships in January, but many new customers cancel their memberships before the end of the year. Which of the following is the best explanation for this behavior?
A) Some people fail to treat their membership fees as sunk costs. B) Some people are overly optimistic about their future behavior. C) Some members receive utility from activities they believe are popular. D) Some health club members suffer minor injuries that prevent them from working out.
Prior to 1970, mortgages were ________ resold in the secondary market
A) never B) often C) rarely D) always
Which of the following is TRUE of M2?
A) It is larger than M1. B) It excludes savings deposits. C) It does not include highly liquid components of the money supply. D) It is less than M1.
Licensing is a process in which a firm wanting to enter a market must
a. require all potential customers to obtain government permission to purchase the product. b. notify the government within a certain period after it has entered the market. c. pay all overdue taxes before entering the market. d. obtain permission from the government to enter the market.