Typically, the greater the specialization of resources
A) the less production that takes place.
B) the greater the bow of the production possibilities curve.
C) the poorer the country becomes.
D) the greater the unemployment in the country.
B
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If the nation's economy were always on its long-run growth path, then unemployment would be equal to
A) the natural rate of unemployment. B) frictional unemployment. C) cyclical unemployment. D) structural unemployment.
How many units should the profit maximizing firm produce?
a. 1 b. 2 c. 3 d. 4
Total cost includes:
A. the amount the firm spends on all inputs that go into the production of a good or service. B. one-time expenses and ongoing expenses. C. forgone opportunity costs. D. All of these are true.
When inflation occurs, consumers
A. realize gains in their wealth. B. increase spending to catch up with higher prices. C. automatically shift the consumption line upward. D. suffer a decrease in real wealth.