1) If the unemployment rate increases from 10 percent to 11 percent, the economy

1)b) move away from the ppf toward the orgin 2)a) production possibility frontier 3)b) forgone future consumption

ID: 2506022 • Letter: 1

Question

1) If the unemployment rate increases from 10 percent to 11 percent, the economy will

a) move closer to the ppf.

b) move away from the ppf toward the orgin

c) remain on the ppf.

d) remain on the orgin.

2) A graph showing all the combinations of goods and services that can be produced if all of societ's resources are used efficiently is the

a) production possibility frontier

b) capital consumption frontier

c) Lorenz curve

d) circular-flow-diagram

3) Because resources are scarce, the opportunity cost of consumption TODAY is

a) $5.45

b) forgone future consumption

c) forgone present consumption

d) infinite

1)b) move away from the ppf toward the orgin

2)a) production possibility frontier

3)b) forgone future consumption

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