The graph above shows the production possibilities curve for an economy producing two goods, X and Y. Which of the points on the graph indicate unemployed resources?
A. D only
B. E and A only
C. B and C only
D. A, D, and E only
Answer: B
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The above table shows Homer's utility from boxes of doughnuts. As Homer's consumption of doughnuts increases, his
A) marginal utility is positive and increasing. B) marginal utility is positive but decreasing. C) marginal utility is negative but increasing. D) marginal utility is negative and decreasing.
Which of the following is not a basic tenet of economic liberalism?
a. self-interest b. free trade c. competition d. government regulation
Data on convergence suggests:
a. poor countries are converging with the median country. b. rich countries are converging with other rich countries. c. only countries with the same populations are convergine. d. none of the above.
The Federal Open Market Committee (FOMC) controls the U.S. money supply by buying and selling loans in the public loan market
a. True b. False