Which of the following statements is true?
A) Productive inefficiency implies that it is possible to produce more of one good and no less of another, but only if additional resources are made available.
B) Productive efficiency implies that it is possible to produce more of one good and no less of another, even without additional resources.
C) Productive inefficiency implies that it is impossible to produce more of one good and no less of another.
D) Productive inefficiency implies that it is possible to produce more of one good and no less of another, even without additional resources.
D
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A school teacher gets paid today in money, but plans to spend the money in six months on a vacation. This illustrates which function of money?
A) medium of exchange B) store of value C) standard of value D) serving as a commodity
Demand-pull inflation persists because of
A) continuing increases in government expenditures. B) continuing increases in the quantity of money. C) continuing increases in the real wage rate. D) continuing decreases in the money wage rate. E) continuing increases in aggregate supply.
The short run is depicted by a vertical supply curve
Indicate whether the statement is true or false
Which of the following are most likely to have L-shaped indifference curves?
a. ice cream and frozen yogurt b. coke and pepsi c. a white shirt and a blue shirt d. a left shoe and right shoe e. none of the above are likely to have an L-shaped indifference curve