The only way that a society can produce outside the production possibilities curve is
A) through economic growth.
B) by producing efficiently.
C) by obeying the Law of Increasing Additional Cost.
D) to use the concept of opportunity cost.
Answer: A
Economics
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The above figure shows the costs at Barney's Bagel Bakery. Up to which level of output will increasing marginal returns in production be experienced at Barney's Bagel Bakery?
A) up to 500 bagels B) up to 2000 bagels C) up to 3000 bagels D) up to 3500 bagels
Economics
Suppose real GDP is $14 trillion and potential real GDP is $14.4 trillion. An increase in government purchases of $400 billion would cause real GDP to ________ potential real GDP (assuming a constant price level)
A) be less than B) be more than C) equal D) There is insufficient information given here to draw a conclusion.
Economics