Points on the Production Possibilities Frontier are
A. associated with some unemployment
B. both attainable and unattainable.
C. attainable.
D. unattainable.
Answer: C
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The more substitutes available for a product, the
A) larger is its price elasticity of demand. B) smaller is its income elasticity of demand. C) smaller is its price elasticity of demand. D) larger is its income elasticity of demand.
The primary cause of frictional unemployment is
a. discouraged workers who give up looking for work. b. fluctuations in aggregate demand. c. the lack of training and marketable qualifications in job seekers. d. inaccurate and costly information about job opportunities.
If Norway sold more goods and services abroad than it purchased from abroad, then it had
a. positive net exports which is a trade surplus. b. positive net exports which is a trade deficit. c. negative net exports which is a trade surplus. d. negative net exports which is a trade deficit.
The optimal allocation of resources is such that:
a. the production of the two goods is equal. b. the marginal benefit of the good is greater than the marginal cost. c. the marginal cost of producing the good is equal to zero. d. the marginal benefit of the good equals the marginal cost.