When an economy is producing efficiently, it is
A. Getting the maximum goods and services possible from the available resources.
B. Producing equal amounts of all goods.
C. Experiencing decreasing opportunity costs.
D. Producing a combination of goods and services beyond the production possibilities curve.
Answer: A
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If real GDP is $21 trillion, consumption is $14 trillion, planned investment is $4 trillion, government purchases are $4 trillion, net exports are -$1 trillion, then the unintended inventory adjustment is:
a. -$2 trillion. b. -$1 trillion. c. $0. d. $1 trillion.
Describe the two basic strategies of unions in increasing wage rates for their members.
What will be an ideal response?
Refer to the above diagram for good X. A shift from D2 to D1 would best be explained by:
A. an increase in the price of good X. B. an increase in the price of a complementary good Y. C. an increase in the price of a substitute good Z. D. a decrease in the price of good X.
When the balance of trade is in balance, we know with certainty that
A. the value of capital exports equals the value of capital imports. B. the value of exports of goods and services equals the value of imports of goods and services. C. the value of all debit transactions equals the value of all credit transactions. D. the value of exports of goods equals the value of imports of goods.