It is correct to state that a society which is on its production possibilities curve is
A. technologically inefficient.
B. fully utilizing its productive resources.
C. consuming too much output.
D. underutilizing is resources.
Answer: B
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A negative slope
A) represents an inverse relationship, such as beers consumed and test score. B) represents a direct relationship, such as snow fall and car accidents. C) indicates that there is no relationship between two variables, such as women's wages and likelihood of sunshine. D) means that the line crosses below the x-axis.
Long-term growth in production in an economy can be partially explained by: a. improvements in the rules of the game that facilitate production and exchange. b. the peaks and troughs of the business cycle or economic fluctuations
c. trade surpluses that lead to accumulations of precious metals. d. federal government budget deficits. e. a gradual but consistent increase in the price level.
During the 1970s, demand-management policy: a. continued to be highly successful in curing the economy's economic problems
b. was found to be highly unsuitable in periods of stagflation such as the decade of the 1970s. c. was so unsuccessful that economists advised a return to the pre-World War II philosophy of fiscal policy. d. was unsuccessful because automatic stabilizers no longer influenced the economy. e. was unsuitable because it affected aggregate supply more than aggregate demand.
Suppose a group of people read an article on capital punishment. Prior to reading the article, 60% of the members of the group were opposed to capital punishment, while 40% of the members of the group were in favor of capital punishment. According to studies of human decision-making, which of the following is likely?
a. After reading the article, all members of the group oppose capital punishment. b. After reading the article, all members of the group are in favor of capital punishment. c. After reading the article, 60% of the members of the group are opposed and 40% of the members of the group are in favor of capital punishment. d. The members of the group would elect a representative in favor of capital punishment.