A point beyond the boundary of an economy's production possibilities curve is:
a. efficient
b. inefficient.
c. attainable.
d. unattainable.
d
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Policymakers utilize gross domestic product figures
a. to monitor recessions and expansions. b. as a means to measure welfare. c. to observe long-run growth trends. d. Both a and c e. All of the above
Graphically, the average productivity of labor would be illustrated by the slope of the marginal productivity curve at the relevant point
a. the slope of the total product curve at the relevant point. b. c. the negative of the slope of the marginal productivity curve at the relevant point. d. the slope of the chord connecting the origin with the relevant point on the total output curve.
As the price level decreases, other things being equal, a. aggregate demand increases
b. the quantity of real gross domestic product demanded increases. c. the quantity of real gross domestic product demanded decreases. d. real gross domestic product supplied increases.
At what U.S. unemployment rate do most economists believe full employment occurs?
a. 0 percent b. between 1.5 and 2.0 percent c. between 4.5 and 5.0 percent d. between 5.5 and 6.0 percent e. between 7.5 and 8.0 percent