A point on the production possibilities curve represents a combination of goods that is
a. inefficient.
b. efficient.
c. unattainable.
d. attainable.
B
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Refer to Table 2-2. Assume Nadia's Neckware only produces ascots and bowties. A combination of 24 ascots and 12 bowties would appear
A) along Nadia's production possibilities frontier. B) inside Nadia's production possibilities frontier. C) outside Nadia's production possibilities frontier. D) at the horizontal intercept of Nadia's production possibilities frontier.
If unemployment is the most significant problem in the economy, which of the following actions would be an appropriate fiscal policy response?
a. decrease taxes b. decrease government purchases c. decrease the federal deficit d. all of the above
Most economists feel that overly strict financial regulation from 2000 to 2006 contributed to the financial crisis of 2007-2009
a. True b. False Indicate whether the statement is true or false
Assumptions that output is fixed and factor prices have adjusted to reach the level of full employment are:
a. useful for long-run analysis. b. necessary for short-run analysis. c. unrealistic to the extent that economists should not make such assumptions. d. always true and therefore useful both in the long run and short run.