The production possibilities frontier is the boundary between the
A) rational and irrational choices facing a society.
B) wanted and unwanted combinations of goods and services.
C) goods and services that the economy can produce.
D) affordable and unaffordable combinations of production.
E) attainable and unattainable combinations of goods and services.
E
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Nancy and Sheila are both loan officers who started working for their current employer during the same year, graduated from the same university with bachelors' degrees in economics, and achieved similar performance reviews. Nancy earned a master's degree last year. If Nancy earns a higher annual salary than Sheila because she has more formal education, the employer is
a. basing pay on experience. b. paying efficiency wages. c. practicing discrimination. d. rewarding increases in human capital.
Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness?
A) inflation B) discouraged workers C) people employed in the underground economy D) unemployed persons falsely report themselves to be actively looking for a job