If an economy moves from a point inside the production possibilities curve to a point on the curve:
A. There is increased use of the productive capacity.
B. The level of unemployment has increased.
C. The available resources must have increased.
D. The level of technology must have increased.
A. There is increased use of the productive capacity.
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Which one of the following was the strategy followed by Japanese industrialists after World War II?
A. They sold low-priced goods to the low end of the American market while they rebuilt their industrial base. B. They charged Japanese consumers much lower prices than they charged American consumers, since Americans could afford to pay more for these goods. C. They sold high-priced goods to the high end of the American market, leaving the low end to Korea and Taiwan. D. They received tens of billions of dollars in aid from the U.S. government and have still not paid back a penny.
For the past several decades, the U.S. M1 multiplier has been between
A) 1.0 and 2.0. B) 2.5 and 3.0. C) 3.0 and 6.0. D) 6.5 and 10.0.
Merit goods
a. are goods that everyone wants b. can be produced and sold on the private market c. are only sold on private markets d. are only produced by the government e. are distinguished from other goods by having more merit
Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product, to answer the next question.
With a per-unit tariff in the amount Pt?Pc, price and total quantity sold will be
A. Pc and z. B. Pa and x. C. Pt and x. D. Pt and y.