If a given production combination is efficient, then it must be:
A. either an attainable or unattainable point.
B. above the production possibilities curve.
C. on the production possibilities curve.
D. below the production possibilities curve.
Answer: C
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Which of the following would increase the natural rate of unemployment?
A) an increase in the number of younger, less skilled workers in the economy B) a reduction in the generosity of unemployment insurance programs C) an increase in government-sponsored programs that train unemployed workers so they can find new jobs quickly D) restrictions on the ability of unions to negotiate wage changes with companies
Social equality implies the absence of class stratification
Indicate whether the statement is true or false
The most detrimental effect of the 1999 repeal of the Glass-Steagall Act was that it
A. was a major contributor to the financial crisis of 2008. B. was a major detriment to mergers of financial institutions. C. American financial institutions were less able to compete with their European counterparts. D. increased the differentiation among banks, securities firms, and insurance companies.
GDP is a:
A. stock concept and refers to the market value of all output sold. B. flow concept and refers to the market value of all output sold. C. flow concept and refers to the market value of final output. D. stock concept and refers to the market value of final output.