If an economy is operating at a point inside the production possibilities curve,
What will be an ideal response?
its resources are not being used efficiently.
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Which of the following quotations best captures the idea of opportunity cost?
A. “Opportunity knocks but once.” B. “Every choice involves a sacrifice.” C. “Let’s not ask for the moon; we have the stars.” D. “Fools rush in where wise men fear to tread.” E. “All that glitters is not gold.”
The only way to eliminate all competition from social life would be through
A) abolishing money. B) eliminating all scarcity. C) eliminating all selfishness. D) giving government the power to control everything. E) making everyone as concerned about others as they are about themselves.
Which of the following statements is true?
a. Foreigners owned $16.30 in U.S. assets b. U.S. residents owned $13.8 trillion in foreign assets c. U.S. residents owned $2.5 trillion more assets in the United States than foreigners owned abroad d. Foreign purchases of assets in the U.S. subtract from America's productive capacity e. Income from foreign-owned assets in the U.S. flows to Americans
Which of the following is a store of value?
a. cash and stocks b. cash but not stocks c. stocks but not cash d. neither cash nor stocks