If an economy can produce more of one good without giving up any of another good, then the economy’s current production point is inefficient.
Indicate whether the statement is true or false.
Ans: True.
You might also like to view...
From the economic point of view, profit is
A) a four-letter word. B) the same as loss. C) the result of uncertainty. D) a sign of economic injustice. E) none of the above.
When prices rise
a. the rich benefit at the expense of the poor. b. the poor benefit at the expense of the rich. c. both the rich and poor lose real income. d. the effect in the rich and poor is uncertain.
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock. B. negative supply side shock. C. positive demand side shock. D. positive supply side shock.
The longer a patent lasts,
A) the greater the potential economic profits available to an innovator. B) the lower the deadweight loss. C) the lower the average costs of production. D) the less innovation there will be.