The following graph is the production possibilities frontier of a nation:
Refer to the graph. The combination "5 drill presses and 2 units of bread" indicates an
A. inefficient combination for the nation.
B. ideal combination for the nation.
C. efficient combination for the nation.
D. unattainable combination for the nation.
Answer: A
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Economists oppose limiting economic growth possibilities because such limits would inevitably involve
a. some expansion of private sector production. b. an increase in government spending. c. some form of mandatory controls on economic activity. d. mandated balanced federal budgets.
If the price level in the current year is much higher than the expected price level in an economy, _____
Fill in the blank(s) with the appropriate word(s).
The question "Should we produce LCD televisions or computer monitors?" is an example of a ________ question
A) how B) what C) why D) where E) for whom
Which of the following leads to a deadweight loss? i. overproduction ii. underproduction iii. taxes iv. monopoly
A) ii only B) iii and iv C) i and ii D) i, ii, iii, and iv E) i, ii, and iii