The construct used to demonstrate efficient use of society's resources is the
a. production possibilities frontier.
b. payoff matrix.
c. input-output table.
d. cost-benefit table.
a
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________ are a form of regional integration where member countries lower internal trade barriers and establish a common barrier against nonmembers
A) Customs unions B) Free trade areas C) Reciprocal trade agreements D) None of the above.
If the economy is represented in the graph shown and is currently at point E3, what could be said about the state of the economy?
A. There is higher unemployment than the natural rate.
B. There is lower unemployment than the natural rate.
C. The unemployment rate is just about the natural rate.
D. The unemployment rate is zero.
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
The top marginal rate of the federal personal income tax was lowered under the administration of
A. Gerald Ford. B. Jimmy Carter. C. Ronald Reagan. D. Richard Nixon.