The production possibilities curve represents which of the following?
A. The amount of goods attainable with variable resources
B. The maximum amount of goods attainable with variable resources
C. The amount of goods attainable if prices decline
D. The maximum combinations of goods attainable with fixed resources
Answer: D
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Which of the following is TRUE?
A) Technological efficiency occurs if the maximum feasible amount of output is achieved from a given quantity of inputs. B) Technological efficiency depends on the relative cost of the resources used in production. C) If production is technologically efficient, then it must be economically efficient. D) All of the above answers are correct.
Market failures include all of the following EXCEPT
A) equalization of quantity supplied and quantity demanded. B) public goods. C) positive externalities. D) negative externalities.
The legislation passed by Congress in 1890 to reduce the market power of large and powerful "trusts" was the
a. Morgan Act. b. Sherman Act. c. Clayton Act. d. 14th Amendment.
Fiscal policy has shorter implementation lag times than monetary policy
Indicate whether the statement is true or false