A move from an abnormally high rate of unemployment toward a more typical level of unemployment would:
a. shift the production possibilities curve inward
b. shift the production possibilities curve outward.
c. move society from a point inside the production possibilities curve toward the curve.
d. move society from a point on the production possibilities curve to a point beyond the production possibilities curve.
c
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For any given price, the more elastic the demand for a product is, the greater will be the consumer surplus
a. True b. False
Caroline earns more than John. Under a new tax system, some of the taxes paid by Caroline would go to John. A libertarian would
a. support the system because an extra dollar earned by Caroline would be worth less to her than an extra dollar given to John. b. oppose the system if it redistributed income in the presence of equal opportunity. c. oppose the system because an extra dollar earned by Caroline would be worth more to her than an extra dollar given to John. d. support the system if it maximized the well-being of the poorest member of society.
When measuring GDP for a particular year, economists exclude the value of used furniture bought and sold because
What will be an ideal response?
A labor-intensive production process is one that
A. Is used only in the United States. B. Has a low ratio of labor to capital. C. Has a low ratio of capital to labor. D. All of the choices are correct.