A country that must reduce current consumption to increase future consumption possibilities
A. must be producing outside the production possibilities curve.
B. must be allocating resources inefficiently.
C. must be producing along the production possibilities curve.
D. must not have private ownership of property.
Answer: C
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Changes in the capital stock occur ________, and changes in the amount of labor that firms employ occur ________
A) quickly; quickly B) slowly; slowly C) slowly; quickly D) quickly; slowly
What are the three noteworthy labor market trends that Americans have experienced for about two decades?
The United States has ________ social insurance programs, and generally has a ________ unemployment rate, as compared to Canada and Western Europe
A) less generous; lower B) more generous; greater C) less generous; greater D) more generous; lower
If quantity demanded for sneakers falls by 6 percent when price increases 20 percent, we know that the absolute value of the own price elasticity of sneakers is:
A. 2.3. B. 0.3. C. 0.7. D. 3.3.