Why is it inefficient for an economy to be inside the production possibilities frontier?
It is inefficient because the society has the resources to produce more of one or more goods, at no loss of production of any other goods or services. Failure to produce may mean that some resources (labor) are gone forever. The inefficiency can be from either not using all resources, or from assigning inputs to the wrong task, i.e., one for which it is not productive.
Economics
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Will increased imports of supercomputers for industry promote economic growth?
What will be an ideal response?
Economics
When a minimum-wage law forces the wage to remain above the level that balances supply and demand, there are more workers willing to work than there are jobs, so some workers are unemployed
a. True b. False Indicate whether the statement is true or false
Economics