Suppose that an economy is currently producing at a point that lies inside of its production possibilities set. Which of the following would best explain this circumstance?
A) The prevailing level of technology prevents the economy from producing at a point closer to the frontier of the production possibilities set.
B) The economy does not have enough resources to produce at a point closer to the frontier of the production possibilities set.
C) The economy is experiencing a high level of unemployment.
D) Any of the above statements could explain this situation.
E) None of the above statements could explain this situation.
Question 2
Which of the following produces a movement along the aggregate demand curve and does not shift the aggregate demand curve?
A) a change in government expenditures on goods and services
B) a change in monetary policy
C) a change in the price level
D) a change in foreign incomes
E) a change in expectations about the future
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Complete the following production chart and plot the points.