During periods of unemployment
A) the economy operates at a point inside the production possibilities curve.
B) the economy operates at a point outside the production possibilities curve.
C) the production possibilities curve shifts inward.
D) the production possibilities curve shifts outward.
Answer: A
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Which characteristic of competitive markets permits society to answer the WHAT to produce question efficiently?
A. Total cost pricing. B. Minimum cost pricing. C. Average cost pricing. D. Marginal cost pricing.
According to this Application, if you earn a salary of $80,000 in the first year and all prices decrease by half in the next 5 years, what will your nominal annual salary be in 5 years?
A) $8,000 B) $10,000 C) $20,000 D) $40,000
When we put a price tag on goods and services, we are using money as a
A) store of value. B) medium of exchange. C) barter token. D) unit of account. E) means of payment.
Beverly owns a rabbit and receives a $600 benefit from owning it. Sometimes Beverly's rabbit makes its way onto the lawn of her neighbor, Charles, and eats the vegetables in Charles' garden. This intrusion by the rabbit costs Charles $400 . Can both individuals become better off if Charles pays Beverly some amount of money to get rid of the rabbit? Explain