Refer to the information provided in Figure 2.2 below for the economy of Microland to answer the question(s) that follow.
Figure 2.2Refer to Figure 2.2. If Microland's economy is at Point B, it could produce more capital goods
A. by sacrificing some consumer goods.
B. only with additional resources.
C. only with technological improvements.
D. without sacrificing any consumer goods.
Answer: A
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Marginal revenue product equals the marginal physical product multiplied by the quantity demanded.
Answer the following statement true (T) or false (F)
When aggregate economic activity is declining, the economy is said to be in
A) a contraction. B) an expansion. C) a trough. D) a turning point.
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What will be an ideal response?