Using Figure 3 below, suppose that the economy was at Y3. This level of GDP would be considered:

The primary cause of the reduction in the nominal money supply during the early years of the Great Depression was

A) the Fed's sale of bonds. B) the Fed's purchase of bonds. C) a reduction in the money multiplier. D) none of the above

The production possibilities curve illustrates: a. the minimum quantity of two resources necessary to produce a given level of output

b. that when resources are currently being used inefficiently, it is possible to increase production of one good only by sacrificing some of another good. c. that when resources are currently being used efficiently, it is possible to increase production of one good only by sacrificing some of another good. d. the minimum quantities of output that can be produced using available resources.