A point inside the production possibility frontier is:
A. inefficient.
B. impossible.
C. efficient.
D. optimal.
A. inefficient.
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If total planned expenditures exceed real GDP, the economy will contract, causing production of goods and services to decrease and unplanned inventories to rise
a. True b. False Indicate whether the statement is true or false
Because people consider government bonds to be part of their wealth, they
a. tend to overconsume and undersave b. tend to oversave and underconsume c. realize that taxes balance out the interest they earn from these bonds, and therefore do not change their levels of consumption and saving d. tend to try to buy more bonds because they are safe, interest-bearing assets, and therefore save more and consume less e. tend to assume that the taxes are also assessed on their interest income, and therefore oversave and underconsume
Which one of the following statements concerning the Second Bank of the United States is not true?
a. It was created five years after the demise of the First Bank of the United States. b. It had the right to issue its own notes. c. It pressed for sounder specie backing of bank notes. d. Its notes became the most widely accepted currency in the nation. e. It faced strong regional resistance in the North.
Suppose OSHA requires a factory to install specific safety equipment to reduce the number of injuries in the factory. Would the number of accidents necessarily decline? Why or why not?
What will be an ideal response?