The bowed shape of the traditional production possibilities curve reflects the
A) negative side effects of economic growth.
B) fact that not all resources are equally well-suited to producing all goods.
C) costs of unemployment.
D) problems of inequality.
Answer: B
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A new industry develops, and our government wants to protect it from foreign competition. Which one of the following arguments would appropriately describe this type of protection?
A) national security B) cartelization C) infant industry D) protecting American jobs
The majority of dollars spent by government prior to the Great Depression was spending at the ________. In the post World War II period, two-thirds to three quarters of all dollars spent by government in the United States are spent at the ________
A) federal level; state and local levels B) state and local levels; federal level C) state and local levels; state level D) local level; state level