The production possibilities curve shows that:
a. some of one good must be given up to get more of another good in an economy that is operating efficiently.
b. no output combination is impossible.
c. an economy that is operating efficiently can have more of one good without giving up some of another good.
d. scarcity can be eliminated.
a
Economics
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The world population is approximately ________ people
A) 6.8 billion B) 6.8 trillion C) 680 million D) 2 trillion E) 6.8 million
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If the quantity demanded for a good rises as income rises then the income elasticity of demand for this good is ________ than 0, and the good is ________ good
A) less; an inferior B) less; a normal C) greater; a normal D) greater; an inferior
Economics