Which of the following statements is NOT an assumption underlying the production possibilities curve?
A. Resources are fully and efficiently employed.
B. The amount of resources available for production can be changed quickly.
C. Production occurs over some specified time period.
D. Technology is fixed.
Answer: B
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Which of the following statements is true?
A) Black markets for currency are more likely to occur in countries with undervalued currencies than with overvalued currencies. B) Black markets for currency are more likely to occur in countries with convertible currencies than with non-convertible currencies. C) Black markets for currency are more likely to occur in countries with overvalued currencies than with undervalued currencies. D) Black markets for currency are equally likely to occur in countries with undervalued currencies or with overvalued currencies.
In the short run, a firm can minimize its total costs of production by operating at the minimum of its average total cost curve
Indicate whether the statement is true or false
If the cross-price elasticity of two goods is negative, then the two goods are
a. necessities. b. complements. c. normal goods. d. inferior goods.
Secondary reserves consist of (1) _______; (2) _______; (3) ________; and (4) _______.
Fill in the blank(s) with the appropriate word(s).