Between points "b" and "c" in the above figure, the opportunity cost of 250 more bushels of corn is
A. 800 yards of cloth.
B. 600 yards of cloth.
C. 200 yards of cloth.
D. 250 yards of cloth.
Answer: C
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As GDP decreases during recessions, unemployment generally increases. Unemployment is therefore said to be procyclical
Indicate whether the statement is true or false
During the late 1960s, real GDP increased, unemployment fell, and the inflation rate started to rise. Which would have been the appropriate federal government policy combination to improve economic performance by lowering the inflation rate?
A) increase government expenditures, decrease taxes, increase the quantity of money B) increase government expenditures, decrease taxes, decrease the quantity of money C) decrease government expenditures, increase taxes, decrease the quantity of money D) do not change government expenditures or taxes , increase the quantity of money E) increase government expenditures, decrease taxes, do not change the quantity of money
Team production is a production process in which
A) pay is based on group output. B) individuals specialize in mutually supportive tasks. C) competing groups perform identical tasks. D) individuals rotate from one task to another.
Two important roles of government in the economy are to safeguard private property and enforce contracts
a. True b. False