Points outside the Production Possibilities Frontier are
A. unattainable.
B. associated with some unemployment.
C. attainable.
D. both attainable and unattainable.
Answer: A
You might also like to view...
The process in which new technologies replace old ones, new businesses replace existing businesses, and new skills make old ones irrelevant is referred to as:
A) business development. B) creative destruction. C) globalization. D) liberalization.
In 2011, real GDP in the United States was $60 per hour worked. In major European economies, real GDP averaged on $48 per hour worked. This difference is explained by the points that ________ and ________
A) Americans work the same number of hours per week as Europeans on average; Americans are less productive due to technology differences B) Americans are equally as productive as Europeans; Americans work more hours on average C) Americans take more vacations than Europeans; Americans take more sick days than Europeans D) Americans work more hours than Europeans; Americans produce more per hour than Europeans E) Americans work less hours than Europeans; Americans take less sick days than Europeans
In the classical range of the aggregate supply curve, greater spending for consumer and investment goods results in:
a. stagflation. b. more unemployment. c. greater output. d. a higher price level.
Related to the Economics in Practice on page 6: According to the Economics in Practice, a majority of the $10 retail value of the Barbie doll
A. is needed to pay for the cost of the Taiwanese plastic used to make the dolls. B. pays for the Chinese labor used to assemble the doll. C. goes to the Japanese manufacturer of the hair which is used for the dolls. D. is captured in the United States.