The production possibilities frontier is
A) upward sloping and reflects unlimited choices.
B) upward sloping and reflects tradeoffs in choices.
C) downward sloping and reflects unlimited choices.
D) downward sloping and reflects tradeoffs in choices.
D
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Which of the following historical events is often cited as an example of the successful implementation of Keynesian theory?
a. the Kennedy-Johnson tax cut of 1964 b. the price controls of the Nixon administration c. the anti-inflation policies of the Carter administration d. the series of tax cuts implemented by the Reagan administration during the 1980s
Which of the following is true?
a. Markets determine what goods are going to be produced, but not the distribution of output among members of society. b. Markets determine the distribution of output among members of society, but not what goods are going to be produced. c. Markets determine both what goods are going to be produced and the distribution of output among members of society. d. Government can redistribute income without changing what will be produced in a society.