The production possibilities curve represents
A. the maximum combination of goods and services that can be produced with fixed resources and technology, given efficient use of the resources.
B. the maximum amount of labor and capital available to society.
C. the maximum rate of growth of capital and labor in a country.
D. the combinations of goods and services among which consumers are indifferent.
Answer: A
Economics
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If current unemployment is close to the natural rate of unemployment, the level of the ________ GDP is likely to be close to the level of potential output
A) real B) structural C) nominal D) estimated
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In the production function Y = A(G,P,T) F(K,R,H,N), the factors that affect the entire production process are
A) G,R,H. B) G,P,T. C) P,T,K. D) KRHN.
Economics