If MPPa/Pa > MPPb/Pb, then the proportions of these two inputs is optimal
a. True
b. False
Indicate whether the statement is true or false
False
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The "effectiveness lag" in monetary policy is the amount of time it takes
A) to collect the data to determine if a policy change is required. B) for monetary policy to have an impact on inflation and unemployment. C) for monetary policy to affect the money supply. D) to collect the data to determine what effect monetary policy has had on the economy.
Unemployment that results from a mismatch of workers' abilities and skills with current requirements of employers is
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) seasonal unemployment.
A nationwide system of marketable pollution permits will reduce pollution overall, but might increase pollution in some high abatement cost areas.
Answer the following statement true (T) or false (F)
Increasing opportunity cost along a bowed-out production possibilities frontier occurs because
A) of inefficient production. B) of ineffective management by entrepreneurs. C) some factors of production are not equally suited to producing both goods or services. D) of the scarcity of factors of production.