Points outside the production possibilities curve represent combinations of products that are
A) unattainable.
B) attainable only if the economy's resources are not fully employed.
C) attainable if the economy's resources are either fully employed or not fully employed.
D) attainable only if the economy's resources are fully employed.
A
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The Bureau of Labor Statistics has taken several steps to reduce the bias in the consumer price index. Which of the following is not one of the steps taken to reduce the bias?
A) conducting a point-of-purchase survey to track where consumers actually make their purchases B) using statistical methods to reduce the size of the quality bias C) updating the market basket every two years, rather than every 10 years D) incorporating substitutions by consumers when prices of specific products rise rapidly
An economic system is
A) the universe of all resources. B) a way to create new resources. C) a mechanism to allocate scarce resources. D) an organization that generates profits.