A bowed outward production possibilities curve occurs when
A) opportunity costs are constant.
B) resources are not scarce.
C) additional units of output of one good necessitate greater reductions in the other good.
D) there are shortages in the goods being produced.
C
You might also like to view...
What is the name of the mathematical result showing that no voting system can simultaneously satisfy the properties of unanimity, transitivity, independence of irrelevant alternatives, and no dictators?
a. The fundamental theorem of behavioral economics b. Arrow's impossibility theorem c. The fundamental theorem of voting d. The median voter theorem
Economic rents can lead to large wage differentials.
Answer the following statement true (T) or false (F)
When the fed wants to end a recession, they will act to ___ interest rates and ____ the money supply
a. increase; increase b. increase; decrease c. decrease; decrease d. decrease; increase
A period of time against which costs of the market basket in other periods will be compared in computing a price index is called
A. the inflation period. B. the market basket. C. the adjustment period. D. the base period.