Exhibit 2-9 Production possibilities curve
If the economy represented in Exhibit 2-9 is operating at Point W:
A. no tractor product must be forgone to produce more food in the current period.
B. resources are not fully used.
C. some tractor production must be forgone to produce more food in the current period.
D. increased food production would be impossible.
Answer: C
You might also like to view...
Which of the following is the correct way to calculate the unemployment rate?
A. (unemployed/population) x 100 B. (unemployed/labor force) x 100 C. (labor force/unemployed) x 100 D. (labor force/population) x 100
A perfectly competitive firm's supply curve
A) shows the relationship between the price and the quantity the firm will produce. B) is the portion of the marginal cost curve above the average variable cost curve. C) is upward sloping. D) All of the above are correct.
What is the profit-maximizing rule for a monopolist?
What will be an ideal response?
Wage rates may vary among labor markets for each of the following reasons, except one. Which is the exception?
a. differences in job risks b. differences in social status associated with the job c. differences in market size d. differences in educational requirements e. differences in job training requirements