Multiple Choice
The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks.
-Refer to the graph above to answer this question.Which of the following statements is correct if Mendork is currently producing 500 quarks and 8 quirks?
A) This society is using competition to coordinate its economic activities.
B) This society is experiencing either unemployment or inefficiency.
C) This economy is experiencing full employment.
D) This society is not adequately answering the question:" What to produce".
E) This economy is growing quickly.
Correct Answer:

Verified
Correct Answer:
Verified
Q45: Below are some production possibilities data for
Q46: Which of the following terms describes the
Q47: Which of the following is an alternative
Q48: Figure 1.13 shows Mendork's production possibility curve
Q49: Figure 1.13 shows Mendork's production possibility curve
Q51: Below are some production possibilities data for
Q52: Explain how microeconomics differs from macroeconomics and
Q53: What do economists mean when they say
Q54: All of the following,except one,are capital goods.Which
Q55: What is the opportunity cost of a