If the economy is inside the production possibilities curve, then more output can be produced using existing resources.

Answer the following statement true (T) or false (F)


True

Below the production possibilities curve, resources are not being fully employed, so we can get more production without sacrificing any goods.

Economics

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If nominal GDP is $5 trillion and real GDP is $4 trillion, the GDP deflator is

A) 12.5. B) 80. C) 125. D) 800.

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Assuming the market is in equilibrium in the graph shown with demand D and supply S1, consumer surplus is:



A. greater than consumer surplus when market is in equilibrium at D and S2.
B. less than consumer surplus when market is in equilibrium at D and S2.
C. the same as consumer surplus when market is in equilibrium at D and S2.
D. zero.

Economics

Karena was laid off, but she is expecting to be recalled. She has not looked for work since being laid off. Nathan is not employed, nor was he laid off. Who is counted as "unemployed" in the U.S. labor force statistics?

a. 1) Karena and 2) Nathan, even if Nathan has not looked for work during the previous four weeks b. 1) Karena and 2) Nathan, if Nathan has looked for work during the previous four weeks c. 1) not Karena but 2) Nathan, even if Nathan has not looked for work during the previous four weeks d. 1) not Karena but 2) Nathan, if Nathan has looked for work during the previous four weeks

Economics