A movement along the production possibilities curve would be a result of:
A) unemployment.
B) inflation.
C) changes in prices.
D) changes in the combinations of the two goods produced.
Ans: D) changes in the combinations of the two goods produced.
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In the table above, country A is producing 4 units of X and 8 units of Y and country B is producing 4 units of X and 6 units of Y. The opportunity cost of producing more of
A) good X is the same for both countries. B) good Y is the same for both countries. C) good X is lower in country A. D) good Y is lower in country A.
As a group, people with high incomes are likely to have
A) greater-than-average family inheritances and greater than average SAT scores. B) greater-than-average holdings of stocks and bonds and lower-than-average productivity. C) a stable marriage and no children. D) greater-than-average productivity and greater-than-average amounts of capital.
Everything else held constant, if aggregate output is to the ________ of the IS curve, then there is an excess ________ of goods which will cause aggregate output to fall
A) right; supply B) right; demand C) left; supply D) left; demand
Refer to Figure 9.3. At what quantity is the firm maximizing profit?
A. 0
B. Q1
C. Q2
D. Q3