The Organization of Petroleum Exporting Countries (OPEC) is an example of a(n)

If economists forecast a decrease in aggregate expenditure, which of the following is likely to occur?

A) Inventories will fall. B) GDP will rise. C) GDP will fall. D) Wages will rise.

The production possibilities frontier is a graph that shows the various combinations of output that an economy can possibly produce given the available factors of production and

a. society's preferences. b. the available production technology. c. a fair distribution of the output. d. the available demand for the output.