The production possibilities curve shows that:
A. some of one good must be given up to get more of another good in an economy that is operating efficiently.
B. no output combination is impossible.
C. an economy that is operating efficiently can have more of one good without giving up some of another good.
D. scarcity can be eliminated.
Answer: A
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The rate of technological progress is an important determinant of ________
A) long-run variation in economic growth B) long-run increases in interest rates C) short-run variation in employment rates D) short-run variation in economic growth
According to the above figure, if steel mills ignore the cost of pollution, the equilibrium quantity of steel will most likely be
A) Q1. B) Q2. C) Q2 - Q1. D) none of the above.
Which of the following determines equilibrium wages in perfectly competitive labor markets?
a. The government. b. Monopoly employers. c. Where the supply and demand of labor are equal. d. The requirements of a living wage.
If the calculated value of the t statistic is greater than the critical value, the null hypothesis, H0 is rejected in favor of the alternative hypothesis, H1.
Answer the following statement true (T) or false (F)