The United States economy ______________ operates on its production possibility curve.
A. Always
B. Sometimes
C. Never
B. Sometimes
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When a credit card company offers different services with its card, like travel insurance for air travel tickets purchased with the credit card or product insurance for items purchased with the card, the credit card company is trying to
A) shift the demand curve for competing firms to the right. B) create a perfectly competitive market in which to sell its credit card. C) create a barrier to entry for competing firms. D) convince customers that its card has greater value than those offered by rival firms.
A difficulty faced by policymakers who wish to use the unemployment rate as a guide to whether the economy is weak or strong is that
A) the natural rate of unemployment is hard to measure. B) the natural rate of unemployment almost never changes. C) policymakers must use data on output to tell whether the unemployment rate is too high or too low. D) the impact of policy on the economy is subject to long and variable lags.
A movement along the supply curve might be caused by a change in
a. production technology. b. input prices. c. expectations about future prices. d. the price of the good or service that is being supplied.
The forgone income that the owner of a business could have made by spending time working in another job is called:
A. total cost. B. explicit cost. C. opportunity cost. D. marginal cost.