A point outside a production possibilities curve reflects

An import quota is a

a. legal limit on the quantity of a good that can be imported per year b. legal requirement that a specified percentage of a final good's value must be produced domestically c. legal requirement that exports to a certain country must exceed a specified value before that country's product may be imported d. percentage tax on an imported product e. lump-sum tax on an imported product

If inflation is much higher than originally anticipated, _____ are better off and _____ are worse off

a. lenders who extended loans at fixed interest rates; people who borrowed at fixed interest rates b. people who borrowed at fixed interest rates; banks that extended loans at fixed interest rates c. retired people living on a fixed income; people who had borrowed fixed interest rate loans d. people who deposited their savings at fixed interest rates; banks that accepted deposits at fixed interest rates e. oil refiners who signed labor contracts agreeing to pay their workers the cost-of-living wage; workers who receive that cost-of-living wage