The production possibilities curve illustrates all of the following concepts except:
a. the law of increasing costs.
b. unlimited wants.
c. scarcity.
d. opportunity cost.
e. availability of resources.
b
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Which of the following activities creates a negative externality?
A) cleaning up a public garden in your neighborhood B) graduating from college C) keeping an old refrigerator on your front porch D) using a pooper-scooper every time you walk your dog
A federal system consists of one level of government to provide public goods and services.
A. True B. False C. Uncertain
The difference between GDP and net taxes is
A) actual investment spending. B) personal income. C) unplanned investment spending. D) disposable income.
The actual government budget surplus ________ be used to determine the effectiveness of discretionary fiscal policy actions because ________
A) cannot; it excludes non-discretionary spending changes B) can; it includes non-discretionary spending changes C) cannot; it includes non-discretionary spending changes D) can; it excludes automatic stabilization expenditures