A point inside a production possibilities curve reflects:
a. the law of increasing costs.
b. technological innovation.
c. less than full use of resources and technology.
d. economic efficiency.
e. a way to increase future economic growth.
c
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Resources are used only in the production of goods, not services
a. True b. False
Nominal gross domestic product is based on:
a. the existing prices at which final goods and services are actually sold. b. prices of final goods and services adjusted for inflation. c. prices at which intermediate goods are sold. d. none of these.
Diminishing marginal utility means that: a. marginal utility is maximized when consumers get the same amount of total utility from every good they consume. b. beyond some point, added units of a product provide lower and lower amounts of marginal utility
c. a consumer would get more utility from the last unit of a good consumed when that good costs $3 than when it costs $1. d. both (b) and (c) are true.
The actual money multiplier multiplied by the change in total reserves is the
A. discount rate. B. actual change in the money supply. C. federal funds rate. D. potential money multiplier.