The production possibilities curve represents
A) the total amount of stocks and bonds that exist in the economy.
B) the trade-off between human capital and physical capital that exists.
C) all possible combinations of total output that can be produced.
D) society's needs.
C
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If a perfect competitor faces P = ATC in the long run, the firm will
A) earn economic profits. B) earn economic losses. C) leave the industry. D) remain in the industry.
Changes in what sector best explain changes in union rates throughout American history?
a. Agricultural. b. Government. c. Manufacturing. d. Service.
The amount of additional earnings that must be paid explicitly in taxes or implicitly in the form of a reduction in income supplements is known as the
a. marginal income tax rate. b. implicit marginal tax rate. c. explicit benefit-reduction rate. d. supplemental income tax rate.
If the prices of bonds go up, the interest rates will fall and the quantity of investment demanded will rise.
a. true b. false