A point outside a production possibilities curve indicates
A. that resources are being used very efficiently.
B. an output combination that society cannot attain given its current level of resources and technology.
C. that both goods are characterized by increasing costs.
D. that resources are not being used efficiently.
Answer: B
You might also like to view...
Which of the following statements is not true about managed care?
a. Empirical evidence suggests that managed care can reduce health care spending. b. Most of managed care's savings can be traced to reduced hospitalization. c. There is more emphasis on preventive care in managed care. d. There is no credible evidence to suggest lower quality of care for any group of patients in managed care arrangements.
Use the figure below to answer the following question.
The diagram shows three supply curves for apples. Which of the following would cause the supply of apples to shift from S1 to S3?
A. a new bacteria that destroys apple crops B. a decrease in the price of apples C. an increase in the number of acres of farmland allocated to apple trees D. a new genetically modified apple seed that is resistant to drought
Refer to the given table. Suppose the columns in this table reflect demand and supply. At a price of $30:Price Per UnitColumn A Units Per YearColumn B Units Per Year$2010040$309550$408060$506570$605080
A. the market will be in equilibrium. B. there will be an excess demand of 95 units. C. there will be an excess demand of 45 units. D. there will be an excess supply of 45 units.
If the money supply expands to much it lowers the value of the dollar?
Indicate whether the statement is true or false