Society's production possibilities frontier
a. helps explain the immense complexity of the real economy
b. demonstrates that, although resources are scarce for individuals, there is no problem of scarcity for society as a whole
c. is based on unrealistic assumptions and therefore has no value as an economic tool
d. is based on simplifying assumptions, but is still useful for illustrating scarcity, opportunity cost, and economic growth
e. is based on the assumption that technology is constantly changing
D
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Although ________ initially proposes and ultimately approves the budget, the discussion and amendment process rests with ________
A) the U.S. Treasury; Congress B) Congress; the President C) Congress; the Federal Reserve D) the Senate; the President E) the President; Congress
The graph of two variables, x and y, is a horizontal line. This result indicates that x and y are
A) positively related. B) negatively related. C) not related. D) falsely related.