If an economy is fully utilizing its resources, it can produce more of one product only if it
A. adds more people to the labor force.
B. doubles manufacturing of the product.
C. reduces the price of the most expensive products.
D. produces less of another product.
Answer: D
Economics
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A) short run; rise B) long run; rise C) short run; fall D) long run; fall
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The welfare loss of a tariff equals that of an import quota that leads to the same level of imports
Indicate whether the statement is true or false
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