A situation in which some resources are NOT fully utilized is represented in a production possibilities frontier diagram by
A) any point on either the horizontal or the vertical axis.
B) the midpoint of the production possibilities frontier.
C) a point outside the production possibilities frontier.
D) a point inside the production possibilities frontier.
D
You might also like to view...
When the government taxes labor earnings we can expect people to
a. work more so they can keep the same standard of living. b. work less and enjoy more leisure. c. quit their present job and find one that pays better. d. stop working altogether and go on welfare.
During the Uruguay round of GATT negotiations, the United States sought to
a. liberalize trade in agricultural products. b. increase the number of quotas on finished goods. c. liberalize the use of embargoes. d. tighten the role of GATT in excluding services.