The various combinations of goods that can be produced by an economy using its available resources and technology efficiently is called
a. limits to scarcity
b. opportunity cost
c. limited production
d. capital accumulation
e. production possibilities
E
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When the interest rate is above the equilibrium interest rate there is an
A) excess quantity of money and people will sell bonds. B) excess demand for money and people will sell bonds. C) excess quantity of money and people will buy bonds. D) excess demand for money and people will buy bonds.
Higher unemployment tends to be associated with
A) the classical model. B) higher real GDP. C) higher nominal GDP. D) lower real GDP.
"By producing at an output rate at which marginal revenue equals marginal cost, a firm is definitely making positive economic profits." Do you agree or disagree? Why?
What will be an ideal response?
A movement along a demand curve
a. is called a change in demand. b. is the result of a change in the price of the good. c. can be caused by many things. d. means the product is inelastic.