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QUESTION 1 A macroeconomist- as opposed to a microeconomist -might study O 1. the effect of an increasing inflation rate on national living standards O 2 the effect on U.S. steel producers of an import quota imposed on foreign steel O 3.the effect of an increase in the price of imported coffee beans on the U.S. coffee industry O 4. the effect of agricultural price support programs on the cotton industry QUESTION 2 If an economy is producing efficiently, then O 1. there is no way to produce more of one good without producing less of another good. O 2. it is not possible to produce more of any good at any cost. O 3. it is possible to produce more of both goods without increasing the quantities of inputs that are being used. O 4. it is possible to produce more of one good without producing less of another good.
Figure 2-11 Refer to Figure 2-11. The shift of the production possibilities frontier from A to B can best be described as O 1.a downturn in the economy. O 2.economic growth. O 3. an improvement in the allocation of resources. O 4.an enhancement of equality.
QUESTIONS Any point on a countrys production possibilities frontier represents a combination of two goods that an economy O 1. will never be able to produce. O 2 can produce using some portion, but not all, of its resources and technology. O 3. may be able to produce in the future with more resources and/or superior technology. O 4.can produce using all available resources and technology.
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