On a graph of a production possibilities curve, if a point is attainable, then it:
A. is efficient only if it does not exhaust all currently available resources.
B. must completely exhaust all currently available resources.
C. must be efficient.
D. might or might not be efficient.
Answer: D
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Some critics of capitalism argue that
a. There is too much government intervention in the economy b. Involuntary trade generates no wealth c. If one person makes money, someone else must be losing it d. Voluntary trade ensures gains for both consumers and producers
Organizing production, obtaining financing, assigning workers to jobs, and dealing with suppliers are among the ways that ________ increases average labor productivity.
A. a manager B. an entrepreneur C. human capital D. physical capital
If competitive industry Y is incurring substantial losses, output will:
A. expand as resources move toward industry Y. B. contract as resources move toward industry Y. C. contract as resources move away from industry Y. D. expand as resources move away from industry Y.
If cost-push inflation occurs and the government adopts a "hands-off" policy approach, then according to the simple extended AD-AS model, in the long run the economy will:
A. Get back to where it started from B. Get stuck with high unemployment C. Experience an inflationary spiral D. Have a higher price level