If a resource is underemployed, it
a. is being used in production, but not in its most productive use
b. is essentially unemployed
c. is not considered a productive resource
d. cannot be used as a factor of production
e. must be a labor resource
A
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As a result of an increase in the supply of a good, the equilibrium quantity ________ and the equilibrium price ________
A) increases; falls B) increases; rises C) decreases; falls D) decreases; rises
Karl Marx envisioned communism as an economic system that blends the best elements of capitalism and socialism
a. True b. False Indicate whether the statement is true or false
Exhibit 15-8 Aggregate demand and supply curves
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In Exhibit 15-8, supply-siders claimed that the shift from AS1 to AS2 would occur if the government:
A. increased tax rates and increased the amount of government regulation. B. increased tax rates and decreased the amount of government regulation. C. decreased tax rates and increased the amount of government regulation. D. decreased tax rates and decreased the amount of government regulation.
Referring to the Production Possibilities Frontiers in Figure 1.10 A, B, C, and D, which depicts specialized growth in soda when there is constant opportunity cost.
Figure 1.10
A. Fig. A B. Fig. B C. Fig. C D. Fig. D