A curve where every combination of the two goods being considered yields the same level of satisfaction is known as
A. a marginal utility curve.
B. an indifference curve.
C. a budget constraint.
D. a total utility curve.
Answer: B
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Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. After examining each country's production possibilities curve, it is clear that:
A. neither country will benefit from trade.
B. both countries can benefit from trade because absolute advantage exists.
C. both countries could benefit from trade because comparative advantage exists.
D. only Country A will benefit from trade.
The belief that the government can do absolutely nothing in either the short run or the long run to reduce the unemployment rate, because people will anticipate the government's actions, is held by the:
a. rational expectations school. b. neo-Keynesian school. c. classical school. d. supply-side school. e. Keynesian school.
By focusing on the short-run adjustments of aggregate demand, Keynesian economics risks _____________ the long-term causes of economic growth or the natural rate of unemployment that exists, even when the economy is producing at potential GDP.
a. overlooking b. fueling c. minimizing d. increasing
The process of taking advantage of market inefficiencies to earn profits is called:
A. futures contracting. B. arbitrage. C. technical analysis. D. a random walk.