Using a production possibilities curve, a technological advance that increases the amount of output for both goods while using the same amount of inputs would be illustrated by which of the following?
What will be an ideal response?
An outward shift of the curve.
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The purchase by a foreign government of an airplane produced in the United States is included in U.S
A) government purchases. B) investment expenditures. C) consumption expenditures. D) net exports.
A state tax assessed specifically on cigarettes is an example of
A) an excise tax. B) a consumption tax. C) a social tax. D) a tariff.
Vertical relationships can increase profits through
a. preventing firms from evading regulation b. eliminating a double-markup problem c. making the incentives of manufacturers and retailers unaligned d. preventing price discrimination
Which of the following is not a goal of the Fed?
a. Maintaining a high level of employment b. Maintaining stability in interest rates c. Maintaining high prices to encourage production d. Maintaining stability in financial markets e. Maintaining stability in foreign exchange markets