Points outside a production possibility frontier represent inefficiency.
Answer the following statement true (T) or false (F)
False
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Which of the following would provide an incentive to increase the amount of beef consumed?
A. a tax on beef sales B. a decrease in the price of beef C. a ban on beef sales by the Food and Drug Administration D. promotion of chicken consumption
Suppose 20 percent of the families receive 20 percent of the income, 40 percent of the families receive 40 percent of the income, and so forth. The Lorenz curve would be
A. the most bowed curve possible. B. the horizontal axis. C. a straight line at a 30-degree angle from the origin. D. a straight line at a 45-degree angle from the origin.
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Holding other factors constant, building an on-line job database to help workers find jobs would likely
A) reduce cyclical unemployment and the natural rate of unemployment. B) reduce structural unemployment and the natural rate of unemployment. C) reduce frictional unemployment and the natural rate of unemployment. D) increase the natural rate of unemployment.