The various combinations of goods and services that can be produced, when an economy uses its available resources and technology efficiently, is called:
a. scarcity.
b. opportunity cost.
c. unlimited production.
d. capital accumulation.
e. production possibilities.
e
You might also like to view...
An implicit cost is
A) a nonmonetary opportunity cost. B) a cost that involves spending money. C) a cost unique to sole proprietorships. D) a cost unique to corporations.
In the present, most of the exports from China are
A) manufactured goods. B) services. C) primary products including agricultural. D) technology intensive products. E) overpriced by world market standards.
The stimulus package of 2009 had the effect of
A) causing higher rates of inflation to occur. B) giving new foreign aid to help less developed countries. C) significantly raising the debt to GDP ratio. D) reducing the primary government deficit.
Firm X is producing 1000 units, selling them at $15 each. Variable costs are $3 per unit and the firm is making an accounting profit of $3000 . What is the firm's total costs?
a. $10,000 b. $11,000 c. $12,000 d. $13,000