Multiple Choice
The production possibilities curve illustrates:
A) the minimum quantity of two resources necessary to produce a given level of output.
B) that when resources are currently being used inefficiently, it is possible to increase production of one good only by sacrificing some of another good.
C) that when resources are currently being used efficiently, it is possible to increase production of one good only by sacrificing some of another good.
D) the minimum quantities of output that can be produced using available resources.
Correct Answer:
Verified
Correct Answer:
Verified
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Q120: The circular flow model indicates that income
Q121: Exhibit 3-6 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5768/.jpg" alt="Exhibit 3-6
Q122: Movement from one point on the production
Q123: The law of increasing opportunity costs implies
Q125: A production possibilities curve that is "bowed
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Q127: On a production possibilities diagram, points inside
Q128: Exhibit 3-14 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5768/.jpg" alt="Exhibit 3-14
Q129: Exhibit 3-4 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5768/.jpg" alt="Exhibit 3-4