A point outside a production possibilities frontier indicates
A) that resources are not being used efficiently.
B) an output combination that society cannot attain given its current level of resources and technology.
C) that resources are being used very efficiently.
D) that both goods are characterized by increasing costs.
B
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Households increase the quantity of labor supplied when the
A) real wage rate rises because the opportunity cost of not working rises. B) income tax rises because an increase in the income tax increases the demand for labor. C) nominal wage rate falls because the opportunity cost of not working rises. D) nominal wage rate rises because the real wage rate must also rise. E) real wage rate rises because the opportunity cost of not working falls.
A nation's production possibilities curve [PPC] will shift outward if its workers receive better training
a. True b. False Indicate whether the statement is true or false
At a price of $5, 24 units of the good would be sold; at a price of $7, 25 units of output would be sold. The marginal revenue of the 25th unit of output is:
A. $14. B. $55. C. $6. D. $175.
The Fed can decrease the federal funds rate by
A. Simply announcing a lower rate because the Fed has direct control of this interest rate. B. Selling government bonds. C. Buying government bonds, which causes market interest rates to fall. D. Changing the money multiplier.