The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.With the open trade economy, Silvia and Art can consume any combination of beef and computers from the line
A. PY.
B. XYZ.
C. PQ.
D. XY.
Answer: C
Economics
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Involuntary unemployment
A) will increase as the wage rate falls. B) exists when there is an excess quantity of labor supplied. C) occurs when the wage rate is below the equilibrium wage rate. D) exists when there is a shortage of labor.
Economics
Potential GDP measures the capacity of the economy in terms of the actual goods and services to be produced
Indicate whether the statement is true or false
Economics