The law of increasing opportunity cost helps to explain why PPF's are typically bowed-outward
Indicate whether the statement is true or false
True
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Who is the second most powerful person in the U.S.?
a. The Fed chairman b. The Vice President c. The Secretary of State d. The speaker of the House of Representatives e. The Attorney General
Economists argue that unhindered international trade leads to an efficient outcome. What is meant by "an efficient outcome" in this context?
A) an outcome in which wages are roughly equal around the world B) an outcome in which the standard of living is roughly equal around the world C) an outcome in which an individual can choose to specialize in a certain line of work and be certain that he or she can make a living at that until retirement D) an outcome in which resources are devoted to their most efficient use
If the labor market becomes less efficient so that the unemployed are more slowly matched with jobs, then
A. the natural rate of unemployment will decrease. B. the natural rate of unemployment will not change. C. the natural rate of unemployment will increase. D. the natural rate of unemployment could either increase or decrease.
If a household's money income changes and prices do not change, what happens to the household's real income and budget line?
What will be an ideal response?