Combinations of goods that are beyond the production possibilities curve: (check all that apply)
a. are inefficiently produced.
b. are efficiently produced.
c. are attainable.
d. are currently unattainable.
e. require economic growth.
f. would require resources that are not currently available.
d. are currently unattainable.
e. require economic growth.
f. would require resources that are not currently available.
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A rule that specifies the highest price that a regulated firm is permitted to set is called
A) rate of return regulation. B) price cap regulation. C) maximum price regulation. D) average/marginal cost pricing.
Sam has $200 a month to spend on either tanning sessions or rounds of golf. Tanning sessions are $20 each, and a round of golf is $50. A point on Sam's budget constraint would be:
A. 20 tanning sessions and 8 rounds of golf. B. 10 tanning sessions and 5 rounds of golf. C. 10 tanning sessions and 4 rounds of golf. D. 10 tanning sessions and 2 rounds of golf.
A decrease in the supply of money will lead to a(n)
A) increase in equilibrium real GDP and an increase in the equilibrium interest rate. B) increase in equilibrium real GDP and a decrease in the equilibrium interest rate. C) decrease in equilibrium real GDP and an increase in the equilibrium interest rate. D) decrease in equilibrium real GDP and a decrease in the equilibrium interest rate.
If the opportunity cost is 2X = 1Y for country A and 1/3X = 1Y for country B, then a possible terms of trade is:
A) 1X=1Y. B) 1X=4Y. C) 1X=5Y. D) 3X=1Y.