A nation can produce two products: tanks and autos. The table below is the nation's production possibilities:
Given the production possibilities schedule above, a combination of 3 tanks and 350 autos:
A. Illustrates the tradeoff between tanks and autos
B. Is attainable but entails some unemployment or inefficient use of society's resources
C. Cannot be produced by society, given its current resources and production technology
D. Is not attainable because this combination is not listed in the schedule
Answer: B
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According to the text there appear to be very limited opportunities for input substitution in the production of pipe organs. Which of the following is the most plausible explanation for this observation?
A) Capital costs have made it too expensive to purchase more capital stock. B) It requires a large amount of highly trained labor to produce a single pipe organ. C) The marginal productivity of additional trained workers is zero. D) The capital used in producing pipe organs is much more expensive than the labor inputs.
Which of the following is(are) the main factor(s) spurring economic growth?
A. Improving technology. B. More and better capital. C. More and better labor. D. All of these cause economic growth.