If an economy is producing at a point inside a production possibilities curve:
A. there is economic growth.
B. resources are fully employed.
C. resources are unemployed.
D. the economy is efficient.
Answer: C
You might also like to view...
The effect of an import quota on the domestic market is to shift the:
a. demand curve to the right by the amount of the quota. b. demand curve to the left by the amount of the quota. c. supply curve to the right by the amount of the quota. d. supply curve to the left by the amount of the quota. e. consumers' marginal utility curves if they prefer foreign goods to domestic goods.
For which of the following reasons is VAT considered a very important revenue generator for a government?
a. It is regressive in nature b. It targets only individuals in the high income class c. It cannot be avoided by individuals d. It boosts a country's export e. It lowers a country's import