Consider the production possibilities frontier displayed in the figure shown. Which of the following statements is currently true?
A. Producing at point C is the best choice, because it's closest to the middle.
B. Producing at point B is impossible.
C. Producing at point A is the best choice, because some of both items are made.
D. Producing at point D would be inefficient, since no books would be produced.
Answer: B
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Which statement is true?
A. it is easier to attain full employment than full production. B. employment discrimination no longer exists in the U.S. labor market. C. The United States is usually operating on the production possibilities frontier. D. None of these statements are true.
For a given upward-sloping supply curve, an increase in demand for chocolate chips will result in a:
a. ?lower equilibrium price and a higher equilibrium quantity. b. ?higher equilibrium price and a lower equilibrium quantity. c. ?lower equilibrium price and a lower equilibrium quantity. d. ?higher equilibrium price and a higher equilibrium quantity. e. ?decrease in the quantity supplied of chocolate chips.
Neoclassical growth theory predicts that
A) population growth rates slow as employment opportunities for women increase. B) population explosions decrease real GDP per person. C) economic growth leads to technological change. D) the pursuit of profit creates perpetual growth.
On average, people in low-income countries ________ than people in high-income countries
A) are subject to a lower infant mortality rate B) are exposed to fewer severe diseases C) are shorter D) have a longer life expectancy