One reason you go to college is to improve your employment opportunities and obtain a higher income in the future. In the context of production possibilities, this is most comparable to:
A) producing at any point on the production possibilities curve.
B) producing at a point inside the production possibilities curve.
C) producing relatively more consumer goods and relatively fewer capital goods.
D) producing relatively more capital goods and relatively fewer consumer goods.
Ans: D) producing relatively more capital goods and relatively fewer consumer goods.
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Which of the following did not contribute to the farmer's worsening terms of trade during the period of 1875-1895?
a. A rapid increase in the supply of agricultural products. b. Output increases as a result of technological change during the period. c. A rise in demand for U.S. crops after the Civil War. d. The income elasticity of demand for most agricultural crops was less than one.
The international trade response to a contractionary monetary policy will cause aggregate demand to shift ____ and aggregate supply to shift ____
a. outward, outward b. inward, outward c. outward, inward d. inward, inward
What will most likely happen when a domestic currency appreciates?
What will be an ideal response?
Which of the following is not necessarily a consequence of occupational licensing laws?
A) They restrict competition. B) Consumers pay higher prices for the services of licensed professions. C) They result in a higher quality of service. D) They ensure that licensed professionals meet some minimum qualifications.