The production possibilities curve in Figure 2.1 illustrates the notion of
A) opportunity cost. B) increased factory goods production.
C) diminishing resources. D) increased farm produce production.
A
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The region with the highest percentage of people who live on less than $1.90 a day is:
A. China. B. sub-Saharan Africa. C. South Asia. D. None of these is true.
Which of the following is an example of a time-series data set?
A. average amount of labor employed at specific times of the day at a specific factory in 2010. B. amount of labor employed yearly in a specific factory from 1990 through 2010. C. amount of labor employed in each factory in the U.S. in 2010. D. All of the above are time-series data sets.
Economic growth can:
A. reduce the price level in the economy. B. increase poverty overall. C. create less jobs compare to a stagnated economy. D. improve standards of living.
The major decline in oil prices in early 1980 that resulted in bankruptcy of many banks and saving and loans in the southwest U.S. resulted in a major Midwestern bank taking bankruptcy because of
A. interstate banking. B. intra bank loans. C. cost of gasoline declined at the pump. D. decrease in the values of oil leases in the Midwest.