A society that is producing on its production possibilities frontier is
A) not utilizing all of its resources.
B) not being technologically efficient.
C) producing too much output.
D) fully utilizing all of its productive resources.
D
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The teal book is the Fed research document containing
A) the forecast of national economic variables for the next three years. B) forecasts of the money aggregates conditional on different monetary policy stances. C) information on the state of the economy in each Federal Reserve district. D) both A and B. E) A, B and C.
A monopsony is a:
a. large number of buyers. b. large seller. c. single seller. d. single buyer.
Looking at the average tariff rate in the United States since 1930, we see that
A) tariffs have trended downward for most of the period. B) tariffs were made illegal in the United States in 1955. C) tariff levels have remained high, at over 50 percent throughout the period. D) while we talk about free trade, tariff levels have risen over the last 30 years. E) at first tariffs declined, but have recently risen.
Different nations answer the what, how, and for whom questions differently. China, for instance, builds dams using many workers and only a little capital equipment. The United States builds dams using a few workers and a lot of capital equipment
Which economic question are these two nations answering and why do the answers differ?