Refer to the scenario above. Which of the following combinations will lie on Jack's production possibilities curve?

Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is

a. 0. b. 1. c. 6. d. 36.

Suppose the Federal Reserve announces that it will be making a change to a key interest rate to decrease the money supply. This is likely because the Federal Reserve is

a. worried about inflation. b. worried about unemployment. c. hoping to increase the demand for goods and services. d. worried that the economy is growing too slowly.