A society is saving lives (productively) efficiently if
a. there are no unemployed resources in the health care sector
b. there are no unemployed resources anywhere in the economy
c. there is no way to save more lives
d. there is no way to save more lives without sacrificing some other goods or services
e. the opportunity cost of saving one more life is zero
D
You might also like to view...
If the GDP price index is 125 and nominal GDP is $130 billion, then real GDP equals ________ billion
A) $104.00 B) $162.50 C) $96 D) $1.04 E) $9.6
When Freddy read that the economy was growing and the production possibilities curve was shifting outward, he was excited. He thought everyone could have anything they wanted. Briefly explain why Freddy was wrong.
What will be an ideal response?
An increase in the inflation rate increases employment only if the increase in inflation is unexpected
Indicate whether the statement is true or false
During the period from 1970 to the present, the U.S. economy experienced a Great Inflation, a Great Moderation, and a Great Recession. How does this sequence illustrate the concept of a "business cycle"?
What will be an ideal response?