A country that must decrease production of one good in order to increase the production of another
A) must be using resources inefficiently.
B) must be producing on its production possibilities frontier.
C) must be producing beyond its production possibilities frontier.
D) must have private ownership of property.
B
Economics
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Why do accountants and economists calculate a firm's cost and profit in different ways?
What will be an ideal response?
Economics
To understand how the colonial economy developed, Hughes and Cain (2011) claim one must understand
(a) what motivated colonists to settle in different locations. (b) what colonists produced, how much they produced, for whom they produced and with whom they traded. (c) the legal system in which they operated. (d) all of the above.
Economics