If an economy is producing at a point inside a production possibilities curve:
A. there is economic growth.
B. resources are fully employed.
C. resources are unemployed.
D. the economy is efficient.
Answer: C
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The saving rate equals saving divided by:
A. income. B. assets. C. wealth. D. liabilities.
The production possibilities frontier illustrates which of the following economic ideas?
A) efficiency B) tradeoffs C) opportunity cost D) all of the above E) none of the above
Which of the following was the least prominent crop grown in the colonial U.S.?
a. Tobacco b. Sugar c. Wheat d. Rice
What happened to the so-called Asian tigers in the 1960s and 1970s?
a. They underwent a period in which their economies turned into mild communism. b. The literacy rates of these countries declined in this time period (that is, a smaller percentage of the people could read). c. They all became part of the First World. d. They became the most technologically advanced countries in the world. e. They underwent the process of opening their economies and experienced rapid economic growth.