If an economy is fully utilizing its resources, it can produce more of one product only if it
A) produces less of another product.
B) reduces the prices of the most expensive products.
C) adds more people to the labor force.
D) doubles manufacturing of the product.
A
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Economists define the unemployed as individuals who are
A) working less than their desired amount of time. B) not currently working but are actively looking for work. C) not currently working. D) working but looking for a different job.
Refer to Scenario 1-1. Using marginal analysis terminology, what is another economic term for the incremental revenue received from the sale of the last 3,000 cell phones?
A) marginal revenue B) gross profit C) sales revenue D) gross earnings
Why would a firm choose to remain in an industry in which it makes an economic profit of zero?
What will be an ideal response?
What does a production possibilities curve show?
What will be an ideal response?