The above figure shows a nation's production function. Point B is ________ and ________ because ________
A) unattainable; inefficient; the nation is using resources efficiently but they could be more efficient
B) unattainable; inefficient; the nation is using resources inefficiently
C) attainable; inefficient; the nation is using resources inefficiently
D) unattainable; efficient; the nation would be using resources efficiently if they could attain this level of production
E) attainable; efficient; the nation is using resources efficiently
E
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As a percent of GDP, the total U.S. federal debt has been declining since World War II
Indicate whether the statement is true or false
A(n) ________ is represented by a rightward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve
A) increase in quantity demanded; increase in demand B) decrease in demand; decrease in quantity demanded C) increase in demand; increase in quantity demanded D) increase in demand; decrease in demand
What are the determinants of elasticity of supply?
On a microeconomic level in competitive markets, prices are determined by
A) the interaction of supply and demand B) how much people feel like they need an item C) the greed of corporate executives D) unknown forces sometimes called "animal spirits"