If an economy is operating at a point inside the production possibilities frontier, then
a. some of the nation's resources are unemployed
b. the production decisions are made by the government
c. unlimited resources must satisfy scarce desires
d. there is a scarcity of human resources relative to human wants therefore society must have some mechanism for making choices
e. society is paying too much for wages
A
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Which government reform or program did not occur in the 1930s?
A. the creation of the Federal Deposit Insurance Corporation (FDIC) B. the GI bill of rights C. the creation of the Securities Exchange Commission D. the Social Security System
________ and ________ may provide an explanation for stock market bubbles
A) Overconfidence; social contagion B) Underconfidence; social contagion C) Overconfidence; social isolationism D) Underconfidence; social isolationism
If the bidders at a first-price auction have true values of $78, $72, $66, and $65, the item will sell for
a. Just above $78 b. just over $72 c. $78 d. $72
The marginal cost curve intersects the average total cost and average variable cost curves at their minimum points
Indicate whether the statement is true or false