Along a society's production possibilities frontier,
a. the level of technology is changing
b. more of one good can be produced without giving up some of the other good
c. resources are not being fully utilized
d. available resources are being used efficiently
e. there is productive inefficiency in the economy
D
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What does it mean for a loan to be in default?
A) when the borrower of the a loan fails to repay on schedule according to a loan contract, without the agreement of the lender B) when the borrower of a loan fails to repay on schedule according to a loan contract, with the agreement of the lender C) when the lender of a loan fails to supplies the full amount of a loan to the borrower D) when the lender of a loan supplies the full amount of a loan to a borrower without any promise of being repaid E) when the lender of a loan fails to offer the promised sum
Suppose the actions of the producers of a good impose an external cost which results in the actual market price of $18 and market output of 400 units. How does this outcome compare to the efficient, ideal equilibrium?
a. The efficient price would higher than $18 while the efficient output would be less than 400 units. b. The efficient price would be higher than $18 while the efficient output would be greater than 400 units. c. The efficient price would be lower than $18 while the efficient output would be less than 400 units. d. The efficient price would be lower than $18 while the efficient output would be greater than 400 units.