Points on the PPF are all
A) unattainable and have fully employed resources.
B) free lunches.
C) inefficient.
D) attainable and have some unemployed resources.
E) production efficient.
E
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Which of the following is NOT a cost of inflation?
A) uncertainty cost B) confusion cost C) tax cost D) unemployment cost E) shoe-leather cost
Suppose a consumer is torn between buying a Chevy Tahoe or a Ford Expedition, each selling for $30,000. He eventually decides on the Tahoe. What's his opportunity cost?
A) $30,000 B) $30,000 plus taxes, tags, insurance, etc. C) The satisfaction he would have experienced owning the Ford Expedition D) The frustration he will face owning the Chevy Tahoe E) B, C, and D above.
The world prices of primary products are less likely to decline if
A. the major importers of the primary products impose high tariff barriers on their imports. B. the production of the primary commodities is increased by a greater proportion than the increase in their demand. C. the government of the countries that export primary products subsidize the production of these primary products. D. the exporters of the primary products form international cartels.
An increase in the supply of labor generates
A) increased unemployment. B) lower wages. C) an offsetting increase in the demand for labor. D) a decrease in the quantity demanded of labor.