Refer to the provided production possibilities curves. Curve (a) is the initial curve for the economy. If the economy's production possibilities then shift to curve (b), then
What will be an ideal response?
point N would indicate some unemployment of resources or idle production capacity.
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Which of the following factors could cause the economy to experience supply-side inflation?
A) increased security about jobs and future income B) Develop new technology to increase productivity. C) government laws which say that the average work week must be reduced by one hour every year D) Increase the number of immigrants allowed into the country.
The impact of crowding out may be the least
A) when real GDP is above but close to potential GDP. B) during a deep recession. C) when real GDP is below but close to potential GDP. D) during an expansion.
Which of the following individuals can be counted as unemployed?
What will be an ideal response?
Refer to the information provided in Figure 8.8 below to answer the question(s) that follow. 
Figure 8.8 Refer to Figure 8.8. If this farmer produces the profit-maximizing level of soybeans when the market price is $8 per bushel, then her total cost would be
A. $1,200. B. $2,800. C. $5,600. D. $8,400.