Which is the true statement?
A) A society does not need an authoritative central plan to generate order and cooperation.
B) A society will fall into social chaos without an authoritative central plan.
C) An economic system can last only if guided by a central economic plan.
D) Both B and C are true.
A
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If Kami can produce 40 tablets or 30 cellphones during a month's time, while Sally can produce 10 tablets or 20 cellphones, then it is correct to state that
A) Kami has a comparative advantage in producing tablets. B) Kami has a comparative advantage in producing both tablets and cellphones. C) Sally has a comparative advantage in producing both tablets and cellphones. D) Sally has an absolute advantage in tablets.
A reduction in the level of unemployment would have which effect with respect to the nation's production possibilities curve?
A. It would shift the curve to the right B. It would shift the curve to the left C. It would not shift the curve; it would be represented by a movement from a point inside the curve toward a point on the curve D. It would not shift the curve; it would be represented by a movement from a point on the curve to a point outside the curve
A firm that has increasing marginal output would be experiencing __________.
Fill in the blank(s) with the appropriate word(s).
Expansionary monetary policy to prevent real GDP from falling below potential real GDP would cause the inflation rate to be relatively ________ and real GDP to be relatively ________
A) lower; higher B) higher; higher C) lower; lower D) higher; lower