Which of the following conditions is true for a nation operating at a point lying inside its production possibilities curve?
a. The nation is experiencing a technological breakthrough in one of its key industries.
b. The nation is clearly utilizing its resources efficiently.
c. The nation is producing the maximum output that can be produced with a limited quantity of resources.
d. The nation is not utilizing its resources efficiently.
e. The nation is producing the maximum output that can be produced with its unlimited quantity of resources.
d
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The best description of the economy in the long run comes from which macroeconomic theory?
a) classical b) aggregate demand c) Keynesian d) aggregate supply
The leadership of the Federal Reserve System is provided by
A) the Board of Governors. B) the Federal Advisory Committee. C) the Federal Open Market Committee. D) the directors of the twelve Federal Reserve banks.