The production possibilities frontier shows the ________ combinations of two products that can be produced in a particular time period with available resources
A) minimum attainable
B) maximum attainable
C) only
D) equitable
Answer: B
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In the years before the Civil War, Southern states, because of high protective tariffs, were forced to buy most of their manufactured goods from _________.
Fill in the blank(s) with the appropriate word(s).
The income of the middle person in an income distribution is called the
A) mean income. B) average income. C) median income. D) per capita income.
Which best describes labor unions?
A. They are not generally accepted as an American institution. B. They are accepted as an American institution. C. They are more powerful today than they were 50 years ago. D. They were at the peak of their power in the early 20th century.
Consider an economy with flexible exchange rates. If there are high levels of inflation in the economy, then the appropriate monetary policy would be to ________ the money supply, which will cause the ______ curve to shift ________.
A) increase; the LM; left B) decrease; the LM; right C) decrease; the LM; left D) increase; the IS; left