When a country is producing goods and services efficiently it:
A. is producing at a point on or below its production possibilities frontier.
B. is getting the most output by using all its available resources.
C. has unemployed workers.
D. is able to reach a point beyond its production possibilities frontier.
B. is getting the most output by using all its available resources.
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The term "barter" is used to refer to
Market failures include all of the following EXCEPT
A) equalization of quantity supplied and quantity demanded. B) public goods. C) positive externalities. D) negative externalities.
A monopolistically competitive firm is producing an output level at which marginal revenue is less than marginal cost. This firm should __________ quantity and __________ price to increase profit or reduce losses
a. increase, increase b. increase; decrease c. decrease; increase d. decrease; decrease e. increase; not change
Economists believe that production possibilities frontiers
a. never have a bowed shape. b. rarely have a bowed shape. c. often have a bowed shape. d. always have a bowed shape.