Multiple Choice
Refer to the above figure. Production at Point E
A) would indicate that this economy is producing beyond its capabilities.
B) would indicate production at a level below that which is attainable.
C) is not attainable with given resources and technology.
D) would demonstrate a total lack of technical expertise.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: All points inside the production possibilities curve
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
Q7: Technology<br>A) is constantly changing at every point
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