A production point beyond the production possibilities frontier represents what?
What will be an ideal response?
A production point beyond the production possibilities frontier is an unattainable combination of goods and services.
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Macroeconomics is the study of aggregate variables such as national production and unemployment
Indicate whether the statement is true or false
The unemployment rate is supposed to measure ________. It is an imperfect measure because ________.
A) the percentage of the working-age population who are unemployed; it is impossible to count everyone in the working-age population B) the underutilization of labour resources; it excludes some underutilized labour and some unemployment is unavoidable C) the percentage of the labour force who are unemployed; it is impossible to count everyone in the labour force D) the number of unemployed plus the number of marginally attached workers expressed as a percentage of the labour force; it excludes the marginally attached workers because Statistics Canada considers them as employed E) the underutilization of labour resources; it includes part-time workers and excludes discouraged workers
Which of the following will NOT cause a shift in the demand for portable power banks?
A) a change in taste B) a change in income C) a change in the price of portable power banks D) a change in the price of smartphones
If supply increases and demand remains unchanged, equilibrium quantity will _______ and equilibrium price will ______________.
A. rise; rise B. fall; fall C. fall; rise D. rise; fall