Using a production possibilities curve, an economy that produces an output combination less than the maximum possible is depicted by a point located:
a. at the top corner of the curve.
b. near the middle of the curve.
c. at the bottom corner of the curve.
d. outside the curve.
e. inside the curve.
e
You might also like to view...
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Under the Bretton Woods system, the United States was designated as the
A) reserve-currency country. B) fixed-rate country. C) par-standard country. D) dollar-standard country.
The winner's curse is more likely
a. when there is only one bidder b. when demand for the good being auctioned is increasing c. when the value of the good being auctioned is common knowledge d. when the value of the good being auctioned is uncertain e. when the marginal cost of information is low
What is the percentage of income received by the lower two quintiles on line X?
