An outward bowed production possibilities curve illustrates
A) inefficient production.
B) the law of increasing additional cost.
C) a lack of scarcity.
D) zero opportunity cost of moving from inefficient production to currently unobtainable production.
B
You might also like to view...
Which of the following would reduce the problem of the poverty trap while still providing financial help to those who need it and assisting them to phase into being self-supporting?
a. Government assistance increased by more than $1 for every $1 earned. b. Government assistance increased by less than $1 for every $1 earned. c. Government assistance reduced by more than $1 for every $1 earned. d. Government assistance reduced by less than $1 for every $1 earned.
PriceQuantity DemandedQuantity Supplied$02000$115040$210080$350120$40160 Refer to the table. If the current price in this market is $3 then there is
A. excess demand and pressure on the price to fall. B. excess supply and pressure on the price to fall. C. excess demand and pressure on the price to rise. D. excess supply and pressure on the price to rise.
Why is GDP a monetary measure?
What will be an ideal response?
The saying that "There's no such thing as a free lunch" refers to the
A) spillover principle. B) marginal principle. C) principle of opportunity cost. D) reality principle.