Which statement is true?
A. Productive efficiency has never been achieved.
B. The U.S. economy achieved productive efficiency from mid-1997 through mid-2001.
C. The U.S. economy achieved productive efficiency from 1980 to 1997.
D. The U.S. economy generally attains productive efficiency.
B. The U.S. economy achieved productive efficiency from mid-1997 through mid-2001.
You might also like to view...
Tariff rates on products imported into the U.S
A) have dropped substantially over the past 50 years. B) were prohibited by the Constitution. C) reached an all time high in 2002. D) have risen steadily since 1920. E) were the government's main source of income in 2006.
Refer to the production possibility graph above. Assume that the economy is in equilibrium at point e. If the price of good A increases, the new equilibrium is most likely to be
A) point d. B) point e. C) point f. D) point h. E) point b.
Suppose that a monopolistically competitive firm is currently producing at the point where marginal revenue equals marginal cost and is not covering the variable cost of producing the last unit. In this situation, economic theory would predict that the firm will:
a. raise prices in order to lessen the amount of the loss. b. collude with other producers. c. exit the industry. d. be able to switch to a point of profitability by producing where price equals marginal cost.
A U.S. commercial bank can lend 100% of its __________ reserves
Fill in the blank(s) with the appropriate word(s).