Chapter 2 Flashcards
Our economy would be operating at full employment with labor employment rate of blank percent in a capacity utilization rate of blank percent.
Five and 85
We would not need economize if what happened?
There was no scarcity.
Human wants are what?
Relatively unlimited
What is our main effect of employment discrimination?
Under employment
The following person is not under employed.
The factory worker who has been laid off and is collecting unemployment insurance benefits.
If the economy is operating at a 7% unemployment rate we are operating where?
Inside the production possibility curve
In order to have full production there must be full employment is this true or false?
True
Economic growth can be shown by ………….production possibility curve.
And outward shift of the
Whenever economy is generally operating inside the production curve true or false
True
It’s just entertainment budget is divided between a dollar movie tickets and $40 hockey tickets. The opportunity cost of Jeff going to an extra hockey game is what?
Five movie ticketing
What is the definition of entrepreneurial ship?
The talent to develop new products and processes into organize production to make goods and services available.
And existence of unemployment can be illustrated on a production possibilities curve by a what?
A point below or inside the surface of the curve.
The production possibilities curve tells us that a full employment exists and a nation wishes to increase its production of military goods it must do what?
Reduce its output of non-military goods
If a political candidate promised of voters more funding for AIDS research and childcare and assures them it will not have to sacrifice any other goods or services to obtain the additional programs how would this be possible?
It would only be possible if the economy has unemployed resources.
In the 1950s more women were under employed then unemployed true or false.
True
Hey nation’s economic Pacitti expands when the size of the labor force expands. T or F
True
In the 1300s one third of Europe’s population was killed by the blue Blahnik plague how did this affect the production possibilities curve?
A shift in the entire curve to the left or inward
If the unemployment rate is at 5% our economy is operating A. inside the production curb B. on the production curb or C. outside the production curb
B on the production curve
Which of the following is not an institutional constraints that limits our nations production possibilities?
Workers that are in between jobs.
Which of the statements are true?
Entrepreneurial ability is abundant in the US.
The entrepreneurial sets up the business and risk his or her own money.
Land labor and capital may be considered passive resources.
All are true
All are true
Define capital.
Man made goods used to produce other goods or services
The opportunity cost of owning a car is what?
The vacation to Hawaii you have given up in order to make your car payment.
Is the following statement true or false the Bush aministration was more guilty of employment discrimination in its cabinet than previous administrations.
False
