Whenever productive resources are used to make capital goods
A) society is not producing efficiently.
B) society is giving up current consumption.
C) the production possibilities curve becomes flatter.
D) absolute advantage occurs.
B
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Refer to Figure 4-3. What area represents the deadweight loss at the equilibrium price of P1?
A) C + E B) C + E + H C) G + H D) There is no deadweight loss at the price of P1.
In general, the more equitable the incidence of a tax system is the:
A. less complicated and more efficient is its design B. more complicated and less efficient is its design. C. more complicated and more efficient is its design. D. less complicated and less efficient is its design.
The introduction of a union into a firm benefits all of that firm's workers
a. True b. False Indicate whether the statement is true or false
Which of the following illustrates the effectiveness lag?
A) Policymakers believe an economic downturn has occurred, but they decide not to take action until they are sure. B) Policymakers are in the process of proposing policy measures to deal with the current economic slowdown. C) Policymakers first learn of the recession when it is five months old. D) Policymakers implement policy X, but it will be a few months before it starts working. E) Policymakers agree to policy X, but it will be at least two months before the policy is implemented.