An inefficient use of resources can be illustrated using a production possibilities curve as:
a. a movement to the northeast along the curve
b. a movement to the southeast along the curve.
c. a movement off the curve in a northeast direction.
d. a movement off the curve in a southwest direction.
d
Economics
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In the above figure, if the relevant aggregate demand curve is AD2, what type of gap exists and how large is it?
A) inflationary gap of $1 trillion B) recessionary gap of $500 billion C) inflationary gap of $500 billion D) recessionary gap of $1 trillion
Economics
Use the above table. Assuming constant opportunity costs, the opportunity cost of producing donuts in country Alpha is ________, and the opportunity cost of producing donuts in country Beta is ________
A) 1 donut; 0.17 donut B) 1 donut; 6 donuts C) 10 donuts; 12 pizzas D) 0.2 pizza; 1.67 donuts
Economics