A point outside of the production possibility frontier is:

A minimum wage that is above the equilibrium wage rate

A) increases efficiency within the labor market. B) increases the quantity of labor demanded. C) creates a deadweight loss. D) has no effect on the labor market because it is set above the equilibrium wage rate. E) None of the above answers is correct.

When you see a mansion and think to yourself that it must be worth a million dollars, you are using money to perform which function?

A) medium of exchange B) unit of account C) store of value D) means of payment E) method of avoiding barter