Multiple Choice
Technology
A) is constantly changing at every point along a production possibilities curve.
B) is the recipe for combining land, labor, physical capital, and entrepreneurship to produce a good.
C) does not have an effect on the amount of a good a society can produce with its given resources.
D) only changes if resources change.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Refer to the above figure. Production at
Q3: David has just ordered a smartphone only
Q4: The law of increasing additional cost exists
Q5: Which type of resource will improve through
Q6: A production possibilities curve will shift outward
Q8: The production possibilities curve for two products
Q9: Refer to the above figure. A farmer
Q10: Opportunity cost exists because of<br>A) poverty.<br>B) scarcity.<br>C)
Q11: Opportunity cost is<br>A) the cost of producing
Q12: Economic bads are items<br>A) for which the