The utility of a good is
a. different for different consumers
b. the same for all consumers
c. constant no matter how much is consumed
d. related to the cost of producing it
e. positive for all goods and all consumers
A
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The table above gives the production possibilities frontier for two countries, Anaconda and Bear. This table shows that
A) when Anaconda and Bear specialize and trade, Anaconda should specialize in the production of shoes. B) when Anaconda and Bear specialize and trade, Anaconda should produce at its production point E. C) Anaconda has an absolute advantage in the production of corn and shoes. D) Bear can consume no more than 2 bushels of corn and 700 pairs of shoes. E) Bear is unable to gain from trade with Anaconda.
The belief that the government can do absolutely nothing in either the short run or the long run to reduce the unemployment rate, because people will anticipate the government's actions and respond to it, is held by the
a. rational expectations school b. neo-Keynesian school c. classical school d. supply-side school e. Keynesian school