Which of the following would cause an economy to produce at a point inside its production possibilities curve?
A) the efficient allocation of all factors of production
B) population growth
C) unemployment and an inefficient use of available resources
D) capital accumulation
Answer: C
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Jed had an exam score of 50 percentage points. There is an extra credit assignment that Jed can complete that will raise his exam score by 20 percentage points. Jed has determined that the extra credit assignment will take 10 hours of his time
Jed will complete the assignment he values the A) 20 percentage points more than the 10 hours of his time. B) 10 hours of his time more than the 20 percentage points. C) 70 percentage points more than the 10 hours of his time. D) wants a higher score.
When government intervenes in the production process because external costs exist, it typically attempts to shift the industry's
A. supply curve to the left. B. demand curve to the right. C. demand curve to the left. D. supply curve to the right.
The above figures show the market for oranges. Which figure shows the effect of a new technology called "the orange picker," which harvests oranges less expensively than ever before?
A) Figure A B) Figure B C) Figure C D) Figure D
The largest component of GDP is:
A. personal consumption expenditures. B. government spending. C. durable goods. D. net exports.