When drawing a production possibilities frontier, which of the following is held constant?
A) the amount of money in the economy
B) the available factors of production and the state of technology
C) the prices of goods and services
D) the quantity of the goods and services that are produced
E) None of the above because nothing is held constant when drawing the production possibilities frontier.
B
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Mark has $2000 saved for a trip at Spring Break. Over Winter Break, he decide to buy gifts for his family and puts over $500 on his credit card which charges 10% interest on the outstanding balance every month. He pays off the credit card bill gradually over the next two months. An economist would categorize that behavior as:
A. misallocated. B. rational. C. irrational. D. scarce.
Which of the following is a source of data for the consumption component of the U.S. GDP?
A. The Census Bureau's Retail Trade Survey. B. The Census Bureau's Survey of Government Finance. C. The Conference Board's Index of Leading Indicators. D. The Bureau of Labor Statistics' Consumer Price Index.
Answer the following statements true (T) or false (F)
1. The demographic transition view of population growth believes that slower population growth will lead to rising incomes. 2. Without an abundant endowment of natural resources, a nation cannot achieve rapid economic growth. 3. Saving is a larger percentage of domestic output in DVCs than in IACs, but the saving is put to poor use. 4. Capital flight from DVCs (developing countries) tends to offset much of the foreign loans and aid that they receive from IACs (industrially advanced countries). 5. When technological advances are of the capital-using kind, it is possible for an economy to increase its productivity without any net investment in capital goods.
If a restaurant hired only men to be bartenders because that is the way their patrons wanted it, this would be an example of
A. rational discrimination. B. statistical discrimination. C. adverse impact discrimination. D. disparate treatment discrimination.