Do people's incomes result from the choices they make?
A) Yes, and from no constraints whatsoever.
B) Yes, but from among a limited set of options.
C) No, because obviously no one would choose to be poor.
D) No, because others often will not let people have what they choose.
B
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As a society produces more and more of one good, it must give up increasing amounts of the alternative good. This demonstrates the
a. law of demand b. convexity of the production possibilities frontier c. law of increasing opportunity cost d. principle of productive inefficiency e. effects of shifts in the level of technology
In one Asian country, scientists developed a new technology that made housing construction more efficient. They saw increased production in housing and electronics. How did the development in construction most likely lead to an increase in electronics?
a. The government subsidized the electronics industry so it would not fall behind. b. It motivated electronics engineers to outcompete the construction engineers. c. Some resources previously used in construction were shifted to electronics. d. Both industries used the exact same tools and technology.