In a certain economy, jam and bread are produced, and the economy currently operates on its production possibilities frontier. Which of the following events would allow the economy to produce more jam and more bread, relative to the quantities of those goods that are being produced now?
a. Unemployed labor is put to work producing jam and bread.
b. The economy puts its idle capital to work producing jam and bread.
c. The economy experiences economic growth.
d. All of the above are correct.
c
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Perfect competition is the term used to describe:
a. an industry in which a few price-taking firms produce identical products b. an industry in which numerous price-taking firms produce identical products. c. an industry in which firms are price takers and compete for market share by varying the qualitative characteristics of products. d. an industry in which numerous firms are price makers and produce identical products.
When services are provided and financed by local rather than higher levels of government and people can move freely among governmental units,
What will be an ideal response?
Producing a homogeneous product occurs in which of the following industries?
A) monopolistic competition and perfect competition B) perfect competition only C) oligopoly, monopolistic competition, and perfect competition D) oligopoly and perfect competition
Which of the following actions would help the Fed increase the supply of money in the economy?
a. buying government bonds b. raising the reserve ratio c. selling government bonds d. raising the discount rate