A point on a production possibilities curve indicates
A) resources are not being used efficiently.
B) resources are being used efficiently.
C) opportunity costs are constant.
D) an output combination that can be attained only if society gets more resources or there is technological change.
B
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Nancy's utility of wealth curve is given in the above figure. Option A gives Nancy $100 for sure. Option B gives Nancy $50 half the time and $150 half the time. Nancy's expected utility of option A
A) is greater than the expected utility of option B. B) is the same as the expected utility of option B. C) is less than the expected utility of option B. D) could be either greater or less than the expected utility of option B.
Why does each of these gas stations have so little control over the price of the gasoline they sell?
What will be an ideal response?
A single bank is severely limited in its ability to create money because: a. the FDIC will not permit it to create money unless the Resolution Trust Corporation guarantees the loans. b. loan recipients usually take the proceeds of the loan in cash
c. the funds loaned probably will be deposited in another bank. d. recent federal legislation prohibits banks from creating money except to finance international trade.
Since 1980, income inequality (as measured by the income share of the highest 20 percent of income earners relative to the lowest 20 percent) has
a. been virtually unchanged. b. increased. c. decreased. d. fluctuated in a random pattern.