Refer to the information provided in Figure 2.6 below to answer the question(s) that follow.
Figure 2.6Refer to Figure 2.6. Economic growth is represented by a
A. shift from ppf1 to ppf2.
B. movement along ppf2.
C. shift from ppf2 to ppf1.
D. movement along ppf1.
Answer: A
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The short-run aggregate supply curve is vertical when inflation is predicted accurately.
Answer the following statement true (T) or false (F)
External benefits cause the market to:
a. underallocate resources. b. be more efficient. c. set excessively high prices. d. have persistent shortages.
Which of the following is most likely to lead to financial trouble?
A) using your credit card to buy items on impulse B) buying used books, clothing and furniture C) working a low wage job to finance your college education D) purchasing a three-year old car rather than buying a new one
Hyperinflation may cause the collapse of the market system.
Answer the following statement true (T) or false (F)