Multiple Choice
The statement "Resources employed in producing X are better suited to making Y" is another way of saying
A) the production possibilities frontier is "bowed out."
B) the production possibilities frontier is a straight line.
C) the production possibilities frontier is "bowed in."
D) resources are unproductive.
E) resources have no opportunity cost.
Correct Answer:
Verified
Correct Answer:
Verified
Q105: The principle of comparative advantage was first
Q106: Being on the production possibilities frontier implies
Q107: A market system is not considered an
Q108: The opportunity cost of a college education
Q109: In a market economy, opportunity costs are
Q111: Figure 3-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8592/.jpg" alt="Figure 3-2
Q112: The production possibilities curve illustrates the basic
Q113: Suppose the U.S.government has an annual budget
Q114: The economic problem of scarcity<br>A)is unique to
Q115: One role that markets play is<br>A)to allocate