Refer to the information provided in Figure 2.4 below to answer the question(s) that follow. Figure 2.4According to Figure 2.4, Point F

A. is efficient and attainable.
B. cannot be produced with the current state of technology.
C. represents underallocation of resources.
D. represents what the people want.


Answer: B

Economics

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"When the cost of producing a unit of a good falls because the firm uses specialized resources to produce a range of goods and services" is the definition of

A) economies of scope. B) economies of scale. C) economic efficiency. D) technological efficiency.

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In the foreign exchange market, the quantity supplied of dollars is 300 whereas the quantity demanded of dollars is 500 results in a:

A) balance of payments surplus of 200. B) balance of payments deficit of 200. C) balance of payments surplus of -200. D) balance of payments deficit of -200.

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There is ________ to how much increases in labor inputs can increase real GDP per capita, and there is ________ to how much increases in labor productivity can increase real GDP per capita

A) a limit; a limit B) a limit; no limit C) no limit; a limit D) no limit; no limit

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The amount of wealth in American hands has been decreasing as a result of the growing trade deficit

a. True b. False

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