A point that lies above the production possibilities frontier (PPF) represents a combination of at least two goods that is
a. unavailable.
b. available.
c. representative of efficient production.
d. representative of inefficient production.
e. none of the above
Answer: a. unavailable.
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Suppose the price level, the money wage, and the price of all other resources rise by 10 percent. This set of changes leads to
A) an upward movement along the LAS curve. B) a downward movement along the LAS curve. C) an upward movement along the SAS curve. D) a leftward shift of the LAS curve.
In many corporations, the managers of the corporation run the corporation, although the shareholders own the corporation. In this situation
A) there is no corporate governance. B) there is separation of ownership from control. C) there are no outside directors on the board of directors. D) there are no inside directors on the board of directors.