If the economy is operating at a 7 percent unemployment rate we are operating
A. inside the production possibilities curve.
B. on the production possibilities curve.
C. outside the production possibilities curve.
A. inside the production possibilities curve.
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GDP excludes important factors that affect people's well-being, such as the value of:
A. leisure time. B. goods produced domestically but sold to foreigners. C. services purchased by households. D. government purchases of goods and services.
What area in the above figure is the consumer surplus at the efficient quantity?
A) A B) A + B + C C) F D) D + E + F
Which of the following explains allocative efficiency?
a. Producing the optimal quantity of an output for a society b. Producing the minimum number of goods that a society wants c. Producing goods at the lowest possible price and quality level d. Producing at a level that lowers costs and increases quality
The demand curve for a Giffen good is
A) non-linear but downward sloping. B) vertical. C) upward sloping. D) nonexistent.