An economy's production possibilities curve depicts different combinations of goods that can be
a. consumed by households in the economy since households are the suppliers of resources
b. consumed by firms in the economy since firms actually do the producing
c. produced in the economy with the available technology and resources
d. produced and consumed by firms since they are the sole source of production in the economy
e. bought and sold by both firms and households on the resource market
C
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Provide three examples of scarcity that illustrate why even the 1,210 billionaires in the world face scarcity
What will be an ideal response?
Which of the following displays these two characteristics: nonrivalry and nonexcludability in consumption?
A) public goods B) private goods C) quasi-public goods D) common resources
Compensating differentials are
A) non-monetary benefits from being employed, such as health-care benefits. B) higher wages that compensate the more experienced workers in a field. C) wages paid to workers where the supply of labor is great relative to demand. D) higher wages that compensate workers for unpleasant aspects of a job.
Departures from stationarity
A) jeopardize forecasts and inference based on time series regression. B) occur often in cross-sectional data. C) can be made to have less severe consequences by using log-log specifications. D) cannot be fixed.