If the economy is at full employment and war breaks out, we would move from
A. W to X.
B. X to W.
C. X to Y.
D. Y to X.
C. X to Y.
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Which of the following situations is least likely to involve strategic interaction?
A) two countries deciding whether to impose trade restrictions on each other B) competing convenience stores deciding how much to charge for coffee C) two customers deciding which toaster to buy from Target D) a state legislature deciding whether to legalize casino gambling
As a percentage of total federal expenditures, national defense spending has _____ since the mid 1950s
a. slightly increased b. risen precipitously c. essentially stayed the same d. declined
The supply curve indicates
a. the price that will be charged for each unit of a good or service b. how much people are willing to pay for a good or service c. the minimum price some seller must receive in order to supply each unit of a good or service d. the value of each unit of a good or service e. the maximum price some seller can expect to receive from supplying each unit of a good or service
Any point on or outside the PPF is attainable
a. True b. False Indicate whether the statement is true or false