Exam 2: Resource Utilization

-Referring to a production possibilities curve and the goods being compared, depict the economic event. The increase in government spending due to World War II pulls the U.S. economy out of a depression to full employment of resources (guns vs. butter).

In the 1950s

Which of the following is(are) the main factor(s) spurring economic growth?

Which statement is true?

-Which set of points would show a movement from depression to full employment?

Which statement is true?

-Referring to a production possibilities curve and the goods being compared, depict the economic event. The AIDS epidemic becomes rampant in America claiming millions of lives (capital goods vs. consumer goods).

One way to attain a faster rate of economic growth would be to shift some resources from the production of _________ goods to the production of __________ goods.

Adam Smith noted in 1776 that

An increase in the rate of economic growth curve could be caused by all of the following except

-Referring to a production possibilities curve and the goods being compared, depict the economic event. Millions of immigrants came to the United States in the second half of the 19th century to work on the transcontinental railroad (capital goods vs. consumer goods).

The Other America, which challenged the notion that we had conquered poverty, was written by __________.

Which statement is true?

The opportunity cost of producing one additional truck is

Which of the following statements about the concept of opportunity cost is true?

The term "the affluent society"

-Which point shows where our economy would have a 100 percent unemployment rate?

The opportunity cost of owning a car is

Hypothetical Production Schedule for a Two-Product Economy -If the economy were producing at point E and moves to point D,

-A country producing a combination of 5 units of guns and 6 units of butter would be _________________ (outside/on/inside) the production possibilities curve.