A point outside a society’s production possibilities curve is one which is
A) unattainable given the resources of the society.
B) technologically inefficient.
C) undesirable given the implied underemployment of resources.
D) desirable since it satisfies the desires of the population.
A) unattainable given the resources of the society.
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When the unemployment rate is low, the impact of additional spending on real output will
a. be larger than when the unemployment rate is high. b. be smaller than when the unemployment rate is high. c. be the same as when the unemployment rate is high. d. place downward pressure on the general level of prices, leading to deflation.
A shortage or a surplus can exist when the current price is equal to the equilibrium price
a. true b. false
A rightward shift of the supply curve is called a(n)
a) increase in supply b) decrease in supply c) decrease in quantity supplied d) increase in quantity supplied
The order of integration
A) can never be zero. B) is the number of times that the series needs to be differenced for it to be stationary. C) is the value of ?1 in the quasi difference(?Yt - ?1Yt-1). D) depends on the number of lags in the VAR specification.