Production is efficient if the economy is producing at a point
a. on the production possibilities frontier.
b. outside the production possibilities frontier.
c. on or inside the production possibilities frontier.
d. inside the production possibilities frontier.
a
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The principle of comparative advantage helps explain trade between nations.
Answer the following statement true (T) or false (F)
Which of the following is the best example of a perfectly competitive market?
a. automobiles b. postal service c. disk operating system software d. milk e. breakfast cereals
There are three goods produced in an economy by three individuals:GoodProducerOrangesOrchard ownerBreadBakerChocolateCandy MakerIf the orchard owner likes only bread, the baker likes only chocolate, and the candy maker likes only oranges, will any trade between these three persons take place in a barter economy? Explain.
What will be an ideal response?
Which of the following crises involved the use of "tesobonos"?
A. The Mexican crisis in 1994 B. The 2007 global financial crisis C. The Asian currency crisis in 1997 D. The 1982 debt crisis