111. Which statement would be an example of a tradeoff?A) As economic growth declines there was a rise in the unemployment rateB) The marginal benefit of purchasing more education should equal its marginal costC) Spending more of the federal budget on national defense will require spending less on domestic programsD) People with more education have higher incomes and higher incomes mean people want more educationAnswer: CTopic: Production Possibilities ModelDifficulty: 2 MediumLearning Objective: 01-05Bloom’s: Level 3 ApplyAACSB: Analytic[QUESTION]112. In a production possibilities table, the most-valued or optimal point for society is determined by:[QUESTION]113. When a society is under-allocating resources to the production of a good or service, then the:
[QUESTION]114. In a graph of the marginal benefit (MB) and marginal cost (MC) of national defense goods, a rightward shift or increase in the MB curve will:Reference: 01-115Use the following to answer questions 115-116:[QUESTION]115. The graph above shows the production possibilities curve for an economy producing two goods, X and Y. Which of the points on the graph indicate unemployed resources?A) DonlyB) EonlyC) Eand AonlyD) Band Conly
Scrambling: LockedAnswer: CTopic: Unemployment, Growth, and the FutureDifficulty: 1 EasyLearning Objective: 01-06Bloom’s: Level 1 RememberAACSB: AnalyticRefer To: 01-115[QUESTION]
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