The production possibilities curve represents the maximum feasible production combinations resulting from
A) the mix of current resources that utilizes all available inputs using current technology.
B) a fixed amount of demand by consumers.
C) the lack of trade-offs in production.
D) the lack of technology used in production.
A
Economics
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Which of the following increases as a result of an increase in real GDP?
i. autonomous expenditure ii. induced expenditure iii. potential GDP A) i only B) ii only C) iii only D) ii and iii E) i, ii, and iii
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The branch of economics that focuses on decision making for the economy as a whole is called:
a. normative economics. b. macroeconomics. c. microeconomics. d. consumer economics.
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