Refer to Figure 17.2. Assume the economy is at point E and is constrained by the PPC shown. This economy
A. Can experience long-run growth by moving to point D.
B. Can experience long-run growth by moving to point C.
C. Can experience a movement to full employment by moving to point A.
D. Cannot experience growth because it is constrained by the PPC.
Answer: C
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Use the following production possibilities frontiers to answer the next question.
Curve (a) is the current frontier for the economy. Focusing on curve (a), point N suggests that the economy currently produces
A. less goods for the future than at point P. B. more goods for the future than at point P. C. less goods for the present than at point P. D. a combination of output that is less than its potential.
In which system are decisions made by thousands of people who have information about resources, production technology and consumer desires?
A) market system B) socialist system C) centrally planned system D) command system
Changes in the quality of some goods and services, such as electromechanical calculators, are thought to give a downward bias to the consumer price index
a. True b. False Indicate whether the statement is true or false
A patent gives exclusive rights to the creator for how many years?
a. 70 b. 95 c. 21 d. 25