A point inside a production possibilities curve reflects

a. the law of increasing costs
b. technological innovation
c. less than full use of resources and technology
d. economic efficiency
e. a way to increase future economic growth


C

Economics

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If the demand for a product is price inelastic,

a. producers' revenues will increase if supply increases b. producers' revenues will increase if supply decreases c. a small change in price will cause a large shift in the demand curve d. a large change in price will cause a small shift in the demand curve e. a small change in price will cause a small shift in the demand curve

Economics

Monetarists and new classical economists favor an active role of government in promoting low inflation and economic growth

a. True b. False Indicate whether the statement is true or false

Economics

A . If aggregate expenditure falls by $5 million, and the MPC is 0.8, explain the process that will drive the economy to a new equilibrium level. b. What will be the final result of this initial change?

Economics

When market price is above equilibrium price

A. a shortage is generated. B. market price will rise. C. quantity supplied is greater than quantity demanded. D. None of these choices are correct.

Economics