Consider two straight-line PPFs. They have the same vertical intercept, but curve I is flatter than curve II. The opportunity cost of producing the good on the vertical axis
A) is greater along curve I.
B) is greater along curve II.
C) is the same along both curves.
D) cannot be compared for the two curves without more information.
A
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An adverse supply shock would directly ________ labor productivity by changing the amount of output that can be produced with any given amount of capital and labor
It would also indirectly ________ average labor productivity through changes in the level of employment. A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
Figure 15-2
According to the modern expectational Phillips curve illustrated in , unemployment will temporarily rise above the natural rate of unemployment when
a.
inflation turns out to be lower than what people expected.
b.
inflation turns out to be higher than what people expected.
c.
inflation turns out to be equal to what people expected.
d.
all of the above are true.
We expect firms with ________ to sell marketable pollution permits to firms with ________.
A. low abatement costs; high abatement costs B. high abatement costs; low abatement costs C. high price goods; low price goods D. high production capacity; low production capacity
Only those products in which a country has an absolute advantage will be competitive in world markets.
Answer the following statement true (T) or false (F)