Using Figure 1.6, if an economy has the capacity to produce represented by PP1, then point E represents
A. An efficient use of resources.
B. A change in technology.
C. A constant trade-off between cars and SUVs.
D. A combination of cars and SUVs that is not attainable.
Answer: A
Economics
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All else equal, if oil prices decrease, annual oil consumption will ________ and the years it will take to deplete the stock of oil will most likely ________
A) decrease; increase. B) decrease; decrease C) increase; increase D) increase; decrease
Economics
What do people base their expected inflation rate upon?
What will be an ideal response?
Economics