Opportunity costs change as an economy moves along its production possibilities frontier because
A) resources are not completely adaptable to alternative uses.
B) factors of production are limited and human wants are unlimited.
C) efficiencies are generated by large-scale production.
D) economic efficiency is only possible in the short run.
Correct Answer:
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Q2: Which of the following will not shift
Q3: If an economy is operating on its
Q4: Opponents of free trade often argue that
Q5: If an economy is operating on its
Q6: The production possibilities frontier demonstrates the basic
Q7: Tariffs and quotas cause deadweight losses because
Q8: All points on a production possibilities frontier
Q9: A tariff raises the price of a
Q10: Comparative advantage is a comparison based on
Q11: Points outside the production possibilities frontier are
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