Which of the following will shift an economy's production possibilities curve inward?
A. an improvement in technology
B. an increase in the unemployment rate
C. a decrease in land, labor or capital
D. a decrease in the unemployment rate
C. a decrease in land, labor or capital
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To compare the conclusions of a model with what actually happens, historical data are entered into the model as ________
A) endogenous variables B) exogenous variables C) equations D) predictions E) policies
Refer to Figure 10.2. At output Qm, and assuming that the monopoly has set her price to maximize profit, the consumer surplus is:
A) CDE. B) BDEF. C) ADEG. D) 0DEQm. E) none of the above
Which function of money allows for comparison shopping?
A) medium of exchange B) unit of accounting C) store of value D) standard of deferred payment
Full employment means which of the following is zero?
a. structural unemployment b. cyclical unemployment c. frictional unemployment d. aggregate unemployment