A point on a nation's production possibilities curve represents
A. An undesirable combination of goods and services.
B. Combinations of production that are unattainable, given current technology and resources.
C. The full employment of resources to achieve a particular combination of goods and services.
D. Levels of production that will cause both unemployment and inflation.
Answer: C
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Use the following graph to answer the next question. 
If the industry were perfectly competitive, then the market price would be ________.
A. $20, which is lower than what the price would have been if the industry were a pure monopoly B. $25, which is lower than what the price would have been if the industry were a pure monopoly C. $25, which is higher than what the price would have been if the industry were a pure monopoly D. $20, which is higher than what the price would have been if the industry were a pure monopoly
What real-world complications keep purchasing power parity from being a complete explanation of exchange rates?
What will be an ideal response?
Refer to the information provided in Figure 7.1 below to answer the following question(s). 
Figure 7.1Refer to Figure 7.1. A corn producer's total revenue is $1,000. If she sells each bushel of corn for $5, she must be selling ________ bushels of corn.
A. 200 B. 450 C. 900 D. 4,500
Suppose that the total labor force is 100 individuals with 10 unemployed. The unemployment rate is ________. Now assume that 10 people drop out of the labor force and that 10 remain unemployed. The new unemployment rate is ________
A) 9 percent; 10 percent B) 10 percent; 9 percent C) 10 percent; 11 percent D) 11 percent; 10 percent