As an economy moves from point to point along its production possibilities curve, which one of the following variables changes?
A) the total amount of resources employed
B) the level of technology
C) the level of efficiency of some factors of production
D) the amount of each good or service produced
Answer: D
Economics
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Which of the following statements is true of the short run?
A) Identical firms can enjoy positive economic profits. B) Identical firms face a downward-sloping supply curve. C) Non-identical firms face a downward-sloping supply curve. D) Non-identical firms cannot enjoy positive economic profits.
Economics
What is a household's choice set defined as?
What will be an ideal response?
Economics