The production possibilities curve demonstrates which of the following concepts?
A. scarcity
B. trade-offs
C. choice
D. all of these
Answer: D
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Economic growth in any country is reflected by an increase in real GDP
a. True b. False Indicate whether the statement is true or false
A $0.50 tax levied on the buyers of pomegranate juice will shift the demand curve
A. downward by less than $0.50. B. downward by exactly $0.50. C. upward by exactly $0.50. D. upward by less than $0.50.
The set of fiscal policies that would be most contractionary would be a(n)
A. decrease in government purchases and an increase in taxes. B. increase in government purchases and a decrease in taxes. C. increase in government purchases and taxes. D. decrease in government purchases and taxes.
If the market wage for fast-food restaurants is $11 and the government enforces a minimum wage of $7, the unemployment rate will
A. Increase as quantity of labor supply decreases and quantity of labor demand increases. B. Increase as quantity of labor supply increases and quantity of labor demand increases. C. Not be affected by the minimum wage. D. Increase as quantity of labor supply increases and quantity of labor demand decreases.