Specialization and trade
A) does not benefit anyone.
B) allows nations to produce inside their individual production possibilities frontier.
C) allows nations to consume combinations of products that are outside their individual production possibilities frontier.
D) shifts the production possibilities frontier inward.
E) shifts the production possibilities frontier outward.
C
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Benjamin works as an economist for the federal government. Which of the following questions is he trying to answer as part of his job?
a. How can I communicate more effectively? b. What is the difference between artificial intelligence and emotional intelligence? c. How can government officials get themselves re-elected to office? d. What is the correlation between race and class? e. How do people use limited resources to try to satisfy unlimited wants?
Why do people keep currency in their pockets when bank deposits pay interest?
A) Because banks might steal your money. B) Because currency is more liquid. C) Because bank deposits lose value due to inflation. D) Because bank deposits lose value due to changes in interest rates.
Resources that flow through the circular flow of GDP include all of the following except
a. land b. labor c. capital d. consumption goods e. entrepreneurship
In the AS/AD model, an expansionary monetary policy has the greatest effect on the price level when it:
A. increases real income but not nominal income. B. increases nominal income but not real income. C. increases both nominal and real income. D. doesn't increase real or nominal income.