If the economy is on the production possibilities frontier (PPF), the economy is
A) productive inefficient.
B) operating with no unemployed resources.
C) productive efficient.
D) b and c
E) none of the above
D
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Human capital refers to the:
A. Stock of knowledge and skills that enables a person to be productive and earn income B. Number of workers in a country's labor force C. Number of labor hours worked in a country D. Schools, highways, and other infrastructure that increases labor productivity
When a firm faces a downward-sloping demand curve, marginal revenue
a. is constant regardless of how much output the firm produces b. is less than price c. increases as the firm produces more output d. decreases if the firm produces less output e. is equal to the price per unit of output
The sum of the balances in the current and capital accounts in the balance of payments must equal zero
Indicate whether the statement is true or false
Most Americans would voluntarily support defense without required taxation
a. True b. False Indicate whether the statement is true or false