In the figure above, what can be said about point B?
A) It can be reached only after economic growth occurs.
B) It can be attained only if some resources are left unused.
C) It represents all resources being devoted to the production of apples.
D) It represents all resources being devoted to the production of oranges.
A
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A period in which the economy is growing at a rate significantly above normal is called a(n):
A. depression. B. recession. C. expansion. D. peak.
In the Keynesian model, if the actual price level is higher than the expected price level, then
a. output is above potential output. b. output is always at potential output. c. output is below potential output. d. output is moving towards potential output.
If a business finds its production is becoming more efficient as it increases production, the organization is experiencing what specialization advantage?
The ________ in unemployment that occurs during recessions and depressions is called ________ unemployment.
A. increase; natural B. increase; frictional C. increase; cyclical D. decrease; structural