Which statement is true?
A. The U.S. standard of living is higher than that of India because we have more capital.
B. It is easier to attain full production than full employment.
C. The United States often operates outside the production possibility frontier.
D. All of the statements are true.
A. The U.S. standard of living is higher than that of India because we have more capital.
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What condition must be satisfied so that society is producing the efficient mix of output? Why does this condition guarantee efficiency?
What will be an ideal response?
Which of the following groups would be most adversely affected by food aid?
a. Manufacturers in the country providing aid b. Government in the country providing aid c. Government in the country receiving aid d. Citizens in the country providing aid e. Farmers in the country receiving aid
Did the large U.S. budget deficits in the 1980s "crowd out" investment as some economists had predicted?
a. Yes, investment dropped as predicted. b. Yes, although investment did not fall nearly as much as some had feared. c. No, investment was not crowded out, but net exports dropped. d. No, no crowding out at all occurred.
Using the table, how many units of land, labor, and capital would you hire?
