The production possibilities curve illustrates:
a. the minimum quantity of two resources necessary to produce a given level of output
b. that when resources are currently being used inefficiently, it is possible to increase production of one good only by sacrificing some of another good.
c. that when resources are currently being used efficiently, it is possible to increase production of one good only by sacrificing some of another good.
d. the minimum quantities of output that can be produced using available resources.
c
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A rise in the price of a good causes producers to supply more of the good. This statement illustrates
A) the law of supply. B) the law of demand. C) a change in supply. D) the nature of an inferior good.
Lack of economic success in many African countries can be attributed to
a. excessive money supply growth b. too-rapid market liberalization c. weak social institutions d. too much state control over agricultural production e. all of the above
Unemployment insurance benefits are an example of _____
Fill in the blank(s) with correct word
Free trade with other countries allows poor nations the opportunity to exploit their comparative advantage in agricultural goods.
Answer the following statement true (T) or false (F)