When production efficiency does NOT occur,
i. an economy is producing at a point within its PPF.
ii. there are unemployed resources.
iii. allocative efficiency cannot occur.
A) i only
B) i and ii
C) iii only
D) i and iii
E) i, ii, and iii
E
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Which statement is true?
A. Entrepreneurial ability is in short supply in the U.S. B. Land, labor and capital may be considered passive resources. C. The concept of opportunity cost is irrelevant when there is scarcity. D. None of these statements are true.
What is the "quantity demanded"?
A) the amount of a good people desire B) the amount of a good people are able and willing to buy during a specific time period and at a given price C) the amount of a good people are able and willing to buy at all possible prices D) the maximum amount of a good that can be consumed during a specific time period E) the minimum amount of a good that people are willing to buy during a specific time period and at a given price
Federal Reserve notes are _____
a. checks b. commodity money c. coins d. backed by gold e. fiat money
In the last two decades, the Consumer Price Index in the U.S. has typically increased by _____ each year
a. more than 5 percent b. less than 2 percent c. 2–4 percent d. 4–8 percent