Question

Which statement is true?

Select one:

a. To have economic growth, we must have zero unemployment.

b. On the production possibilities frontier, unemployment is zero percent.

c. To get out of a recession, we must move to some point closer to the production possibilities frontier.

d. On the production possibilities frontier, 85 percent of the labor force is employed.

Which of the following is true?

Select one:

a. Keynes suggested that savers save and investors invest for different reasons.

b. According to Keynes, an equilibrium below full employment was a rare occurrence.

c. To fight a depression, Keynes said that the government should spend money on carefully chosen projects.

d. Keynes believed the economy was basically stable.

Which is the most accurate statement?

Select one:

a. Our trade problems with Japan and China are very similar.

b. Our trade deficits with Japan and China account for almost our entire trade deficit.

c. If Japan and China traded fairly, our trade deficits with those two countries would disappear.

d. Japanese markets have been at least somewhat closed to imports.

Which statement is true?

Select one:

a. X_n had been positive from 1900 until the 1970s.

b. X_n has always been negative.

c. X_n has always been positive.

d. X_n had been negative from 1900 until the 1970s.

Which of the following statements is FALSE?

Select one:

a. Until the early 1980s Americans were investing much more in foreign countries than foreigners were in the U.S.

b. Our capital and current accounts add up to zero.

c. None of these is false.

d. Foreigners have reinvested most of the dollars they have earned trading with us in U.S. government and corporate securities, real estate, and direct investment in plant and equipment.

Which of the following statements is true?

Select one:

a. Virtually all of the poor receive food stamps, but not public assistance.

b. Virtually all of the poor receive public assistance and food stamps.

c. None of these is true.

d. Virtually all of the poor receive public assistance, but not food stamps.

Which of the following is true?

Select one:

a. Southern manufacturers benefited from high protective tariffs of the 19th century that kept out cheaper Japanese manufactured goods.

b. The completion of the transcontinental railroad system in the 1880s eventually made the U.S. the world's first mass market.

c. Agricultural inventions such as John Deere's steel plows did little to improve farm productivity.

d. The canal system linking east-coast rivers with the Great Lakes in the 1820s created an "American economy" rather than just a series of regional economies located in one country.

Which of the following statements is true?

Select one:

a. Every nation should try to be completely self-sufficient.

b. The basis for international trade is specialization.

c. International trade lowers our standard of living.

d. Importing consumer products increases our prices.

Which statement is true?

Select one:

a. Most taxpayers pay more in payroll tax than in personal income tax.

b. A person earning $100,000 pays $10,000 in payroll tax.

c. The Medicare tax rate is 6.2 percent.

d. There is no such thing as a regressive tax.

Which statement is true?

Select one:

a. To have economic growth, we must have zero unemployment.

b. On the production possibilities frontier, unemployment is zero percent.

c. To get out of a recession, we must move to some point closer to the production possibilities frontier.

d. On the production possibilities frontier, 85 percent of the labor force is employed.

Answer 1

Sol.1 :- Option (b) is correct { On the production possibilities frontier, unemployment is zero percent }

It is so because the assumptions of Production Possibilities Frontier includes that all available resources are fully and efficiently utilized .

Hence , 100 percent of the labour force is employed which directly means that the Unemployment is zero percent on PPF .

Option (d) is wrong because it states that On the production possibilities frontier, 85 percent of the labor force is employed but on PPF 100 percent of the labour force is employed.

Option (a) is also wrong because it is not necessary to have 0% unemployment for economic growth.

Option (c) is wrong because recession and PPC does not effect each other in most of the cases.

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