Exhibit 2-13 Production possibilities curve
In Exhibit 2-13, point H is:
A. achievable with today's resource base.
B. not achievable today because the economy has not achieved full employment.
C. not achievable today because the economy is not at its maximum point of efficiency.
D. not achievable today because of inadequate production capacity.
Answer: D
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Suppose that an Italian working in the United States renounces his Italian citizenship and is granted U.S. citizenship. Which of the following will happen?
A. Italian GDP will fall; U.S. GNP will rise. B. Italian GNP will fall; U.S. GNP will rise. C. Italian GDP will fall; U.S. GDP will rise. D. Italian GNP will fall; U.S. GDP will rise.
The demand curve for apples slopes downward
a. because supply and demand are equal in equilibrium b. since producers supply more when consumers demand more c. because people are assumed to be basically greedy d. because the law of demand holds in the market for apples e. because apples are preferred to all other goods