An efficient point of production is
A) a point on the production possibilities curve.
B) a point inside the production possibilities curve.
C) the point where scarcity no longer exists.
D) the point where we are currently producing.
Answer: A
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Economies of scope
A) is a situation in which it is more expensive to produce goods separately than jointly. B) is the opposite of economies of scale. C) occur whenever only one good is produced at a time. D) are an example of the gains from specialization.
When an economy is operating below its potential capacity, Keynesian economists argue that
a. taxes should be raised if the government is currently running a budget deficit. b. taxes should be lowered but only if the government is running a budget surplus. c. the government should cut taxes and/or increase expenditures in order to stimulate aggregate demand. d. both a and b are correct. e. all of the above are correct.