Refer to the information provided in Figure 2.3 below to answer the question(s) that follow.
Figure 2.3Refer to Figure 2.3. Assume that in this society the opportunity cost of sailboats in terms of surfboards is increasing. A graph of this society's production possibility frontier will be represented by Panel
A. A.
B. B.
C. C.
D. D.
Answer: A
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By the end of the 1960s, fiscal activism was falling out of favor due to its long ________ lag and, as predicted by the permanent-income hypothesis, the ________ of the 1968 tax surcharge
A) legislative, ineffectiveness B) legislative, overstimulation C) effectiveness, ineffectiveness D) effectiveness, overstimulation
Which of the following could be true of perfect competition but not of monopoly?
a. The government licenses production of the good to a few firms. b. The government grants a patent for the good. c. A firm can earn economic profit in the long run. d. If price falls below average variable cost, it pays to shut down. e. There are no barriers to entry.
A stock person who is laid off by a department store because retail sales across the country have decreased is _______ unemployed.
a. cyclically b. chronically c. structurally d. frictionally
The self-control hypothesis suggests that people:
A. control their spending in order to save more when the real interest rate increases. B. substantially decrease their saving when the real interest rate increases. C. base their spending decisions (and consequently their saving decisions) on spending decisions of others. D. want to save, but lack the discipline to refrain from consuming.