The Institutional Possibilities Frontier measures:
a. productive potential
b. the production possibilities frontier
c. the tradeoff between private order and dictatorial disorder
d. the dictator's opportunity costs
e. the tradeoff between private markets and dictatorial orders.
E
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Which of the following is true within exchange economies:
A. All efficient allocations lie in the set of core allocations. B. All core allocations are efficient. C. The set of efficient allocations can be defined without knowing individual endowments. D. (a) and (b) are true. E. (a) and (c) are true. F. (b) and (c) are true. G. All of the above are true. H. None of the above are true.
If the government enacts contractionary fiscal policy, it:
A. must want to slow economic activity. B. could increase taxes. C. expects aggregate demand to decrease. D. All of these are true.
During the last two centuries, after adjustment for inflation,
a. corporate bonds have yielded a real return of approximately 7 percent annually, compared to a real return of about 3 percent for corporate stocks. b. corporate stocks have yielded a real return of approximately 7 percent annually, compared to a real return of about 3 percent for bonds. c. both corporate stocks and bonds have yielded a real rate of return of about 3 percent. d. both corporate stocks and bonds have yielded a real rate of return of about 7 percent.
The Federal Reserve System was founded in