The production possibilities curve illustrates
A. That there is no limit to what an economy can produce.
B. That there is no limit to the level of output.
C. The limitations that exist because of scarce resources.
D. The existence of unlimited wants and resources.
Answer: C
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The United States balance of payments accounts
a. records all earnings from the foreign activities of U.S. residents. b. records all expenditures of U.S. citizens' abroad. c. records all earnings from the foreign activities of foreign governments. d. Both a and b e. All of the above
An important problem with the gold standard was that
A) it was too complicated and restricted business activity. B) a country did not have control of its domestic monetary policy. C) exchange rates tended to fluctuate a great deal, making it difficult for businesses to make long-run plans. D) one country could easily manipulate the system to its advantage and the disadvantage of other countries.