If an economy operates at a point within its production possibilities curve,
a. it lacks the resources necessary to reach the curve.
b. it is utilizing all of its resources efficiently.
c. it does not confront the problem of scarce goods relative to unlimited wants.
d. it is not efficiently using all of its resources.
D
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Countries gain from specializing in producing goods in which they have ________ and trading for goods in which other countries have ________
A) a comparative advantage; an absolute advantage B) an absolute advantage; an absolute advantage C) an absolute advantage; a comparative advantage D) a comparative advantage; a comparative advantage
Scarcity and durability characterize the property of money as a medium of exchange
a. True b. False Indicate whether the statement is true or false
Sally Campbell is a homemaker. Last week, she was busy with her normal household chores when she was visited by the BLS and asked to describe her working status. She explained what she did and the BLS recorded her as being
a. a member of the labor force who is temporarily unemployed b. a member of the labor force who chooses not to be employed c. a member of the labor force who is underemployed d. a discouraged worker who is not a member of the labor force e. not a member of the labor force
If the favorable supply shocks of the 1990s were reversed in the future, we should expect a(n)
a. increase in inflation and unemployment. b. decrease in inflation and unemployment. c. increase in inflation and a decrease in unemployment. d. decrease in inflation and an increase in unemployment.