The points outside the production possibilities frontier are
A) efficient.
B) attainable.
C) inefficient.
D) unattainable.
Answer: D
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On the long-run aggregate supply curve
A) an increase in the price level reduces the aggregate quantity of GDP supplied. B) an increase in the price level has no effect on the aggregate quantity of GDP supplied. C) an increase in the price level increases the level of potential GDP. D) an increase in the price level increases the aggregate quantity of GDP supplied.
In an economy, U = the number of adults who are unemployed, E = the number of adults who are employed, and NLF = the number of adults not in the labor force. The labor force participation rate in the economy is equal to: a. U/(U + E)
b. E/(U + E). c. U/(U + E + NLF). d. E/(U + E + NLF). e. (U + E)/(U + E + NLF).
Which of the following is true about perfect competition?
a. Since a perfectly competitive seller can sell all he wants at the market price, her demand curve is horizontal at the market price over the entire range of output that she could possibly produce. b. Because perfectly competitive markets have many buyers and sellers, each firm is so small in relation to the industry that its production decisions have no impact on the market. c. Perfectly competitive markets have easy entry and exit. d. All of the above are true about perfect competition.
The quantity demanded of a good
a. is the amount that would be purchased with an unlimited income b. is the amount that would be demanded even if income were zero c. is subject to the buyer's income constraints d. is a fixed amount unaffected by the buyer's circumstances e. must match the amount actually purchased in the market