If the labor force in an economy is not fully employed, then
a. the economy is operating outside of its production possibilities frontier
b. the economy is operating on its production possibilities frontier
c. there must have been an increase in technology to compensate for the labor shortage
d. the opportunity cost of producing more of one good is negative
e. the economy is operating inside its production possibilities frontier
E
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The above table gives the demand schedule for Billy Bob's BBQ ribs. The demand for Billy Bob's ribs is unit elastic at which of the following prices?
A) $10 B) $7 C) $5 D) $1
All of the following are criticisms of the Lorenz curve analysis EXCEPT
A) income-in-kind is not figured in. B) the inequality gap is not an issue that economists study. C) different sizes of households are ignored. D) it does not take into consideration lifetime earnings.