If a nation is currently operating at a point inside its production possibilities curve, it
A. can increase the output of one good without decreasing the output of the other good.
B. has fully employed resources.
C. has no inefficiently employed resources.
D. is operating at full potential.
A. can increase the output of one good without decreasing the output of the other good.
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The main goal of the Fair Trade Commissions Act was to
A. limit mergers and price-fixing contracts. B. make deceptive practices illegal. C. limit competition among small firms. D. make restraint of trade illegal.
Sonya's budget for magazines and chocolate bars is $50. Her marginal utility from these goods is shown in the table above. If the price of a magazine is $5 and the price of a chocolate bar is $2
50, which of the following combinations maximizes Sonya's utility? A) 1 magazine and 18 chocolate bars B) 2 magazines and 20 chocolate bars C) 3 magazines and 14 chocolate bars D) 5 magazines and 10 chocolate bars
The money price of a good is that price
A. expressed in today's dollars. B. expressed in constant 2017 dollars. C. expressed in purchasing power against a common item like bread. D. that would clear the market.
Differentiate between nominal and real GDP
What will be an ideal response?