Any point inside a production possibilities curve indicates:
A) unemployment and/or inefficiency.
B) that the law of increasing opportunity costs is no longer valid.
C) that society doesn't want more of either good.
D) that economic growth is no longer possible.
Ans: A) unemployment and/or inefficiency.
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At a carnival roulette wheel, a player can either win $10, $30, or $80 . If it costs $50 to play, we would expect to see
a. A long line of players waiting to play b. No players for the game c. The carnival losing money per play d. All of the above
Which of the following is a reason for the law of increasing opportunity cost? a. Some goods have limited alternative uses
b. Not all resources are equally adaptable to other uses. c. Prices of specific final goods increase as more of those goods are produced. d. Prices of specific final goods decrease as more of those goods are produced.