In the figure above, suppose that Mac and Izzie trade and reach point c. Then
A) Mac produces outside his production possibilities frontier.
B) Izzie produces outside her production possibilities frontier.
C) Mac and Izzie both produce outside their production possibilities frontiers.
D) neither Mac nor Izzie produce outside their production possibilities frontiers.
D
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The Federal Reserve Board of Governors consists of
a. 50 members selected by state legislatures b. 12 members, one from each Federal Reserve District c. 12 members nominated by the President and confirmed by the Senate d. seven members elected by Congress e. seven members nominated by the President and confirmed by the Senate
One determinant of the long-run average unemployment rate is the
a. market power of unions, while the inflation rate depends primarily upon government spending. b. minimum wage, while the inflation rate depends primarily upon the money supply growth rate. c. rate of growth of the money supply, while the inflation rate depends primarily upon the market power of unions. d. existence of efficiency wages, while the inflation rate depends primarily upon the extent to which firms are competitive.