A point inside a production possibilities curve indicates
A) resources are not being used efficiently.
B) resources are being used very efficiently.
C) opportunity costs are constant.
D) an output combination that is unobtainable with the current resource and technology levels
Answer: A
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Which of the following is likely to affect the position and shape of society’s production possibilities frontier?
A. Volume of physical resources B. Level of labor skills C. Level of technology D. Amount of factories on hand E. All of the responses are correct.
During periods when the inflation rate is positive, how does the real interest rate compare to the nominal interest rate?
What will be an ideal response?
Refer to Table 20.1. George is a single taxpayer with an income of $65,000. If George had received a raise of $3,500 at the beginning of the year, his marginal tax rate would be
A) 22.99%. B) 23.75%. C) 38%. D) 95%.
Based on the transactions in the above table, what is the change in the U.S. current account balance?
A) $30,000 B) $31,000 C) -$32,500 D) -$32,700