PURPA opened up the possibility that public utilities would purchase electricity from independent producers
Indicate whether the statement is true or false
T That was a provision of the Act that turned out to be more important than expected.
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Specialization refers to
a. one person performing a wide variety of tasks b. labor replacing capital in production c. capital replacing labor in production d. limiting the number of tasks a resource performs e. performing all tasks with only one resource
One of the factors contributing to the existence of frictional unemployment is
a. automation. b. labor union strikes. c. occupational mobility. d. falling real GDP.
Refer to the accompanying figure. If this economy were currently operating at point D, then in order to make more movies:
A. the first productive resources to switch to making movies should be those with the highest opportunity cost of making milk. B. no productive resources would need to switch from making milk to movies because point D is already efficient. C. the first productive resources to switch to making movies should be those with the lowest opportunity cost of making milk. D. no productive resources would need to switch from making milk to movies because each resource should continue to be used according to its comparative advantage.
In the balance of payments, the buying and selling of real and financial assets is represented in
A. official reserve transactions account. B. current account. C. labor account. D. financial account.