A society is productive inefficient when
A) it produces at a point inside (below) its PPF.
B) it does not produce the maximum output with its given resources and technology.
C) it can produce more of one good without giving up some of another good.
D) both a and b
E) all of the above
E
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In the economic way of thinking, speculation can only occur
A) in a capitalist economy. B) in a society where time-travel is possible. C) under uncertainty. D) under perfect information. E) in an underground or illegal market system.
A bank with excess reserves
A) cannot make new loans. B) must make new loans. C) may choose to make new loans equal to the amount of excess reserves. D) can lend an amount equal to the amount of excess reserves multiplied by the inverse of the required reserve ratio.
A special interest will be able to influence a legislature's actions _____
a. only if there are not special interests on the other side of the issue b. if enough members of the legislature are corrupt c. up to the point where the marginal political support they provide equals the marginal political opposition of other special interests d. as long as the marginal political support they provide to the legislature is positive
The 'WHAT goods and services does the US produce' question can best be answered using data about which of the following?
A. Productivity. B. The distribution of GDP among different income quintiles. C. Per capita GDP. D. The distribution of output in markets, specifically among manufacturing, services, and agricultural sectors.