Refer to the information provided in Figure 2.1 below for the economy of Macroland to answer the question(s) that follow.
Figure 2.1Refer to Figure 2.1. If Macroland's economy is at Point A, it could produce more capital goods
A. without sacrificing any consumer goods.
B. only with additional resources.
C. only by sacrificing some consumer goods.
D. only with technological improvements.
Answer: A
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If a book publishing company sells its books to retailers with the explicit condition that the retailers may not resell the books below a specified price, this is an example of ________ and it ________ illegal per se.
A) resale price maintenance; is not B) price fixing; is not C) resale price maintenance; is D) price fixing; is
A feature that distinguishes economists' approach to making choices is (are):
A) assigning opportunity costs a major role in their analyses of choices. B) assuming individuals make choices to maximize objectives. C) emphasizing that choices are made at the margin. D) all of the above.
If the economy experiences an unplanned inventory accumulation at the full employment level of GDP, then the economy is in a(n)
A. inflationary gap. B. hyperinflation. C. recessionary gap. D. full employment gap.
Matt observes that "there is a high correlation between educational attainment and the level of income." Jean concurs and adds that "high school graduates should all proceed to college."
A. Both Matt's and Jean's statements are positive B. Both Matt's and Jean's statements are normative C. Matt's statement is normative while Jean's statement is positive D. Matt's statement is positive while Jean's statement is normative