An economy's production possibilities curve for a year is drawn assuming:
a. a fixed quantity of resources and technology that is changing along the curve.
b. an unchanging level of technology and a changing quantity of resources
c. a fixed quantity of available resources and an unchanging level of technology.
d. that the productivity of resources increases continually.
c
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If firms in an industry differentiated their products and made economic profits in the short-run, what other characteristic would be important to determine if this is an oligopoly or a monopolistically competitive market?
A) the number of firms in the market B) the number of close substitutes for the good being produced C) the number of buyers in the market D) if the good being sold is a normal or inferior good
How mobile is Europe's labor force?
What will be an ideal response?
Iron is required to make steel. Hence, the price elasticity of demand for iron by steel manufacturers will be
A) unit elastic. B) inelastic. C) elastic. D) perfectly elastic.
An evaluation of relative risk is known as
a. risk-benefit analysis c. benefit-cost analysis b. comparative risk analysis d. de minimis risk