A production possibility curve shows the:
A) production changes that would be possible if the economy invested in new technology
B) various possible output combinations of two goods
C) percentage of resources that are used inefficiently
D) substitution possibilities between labour and capital
Correct Answer:
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Q5: Aggregate supply is the total amount of:
A)
Q6: The study of economics:
A) is concerned with
Q7: If the opportunity costs of producing a
Q8: A retired individual decides to spend the
Q9: In the real world, economic systems of
Q11: Opportunity cost is best defined as the:
A)
Q12: In economics, the term 'capital' refers to:
A)
Q13: A point inside a production possibility curve
Q14: The reason that opportunity costs arise is
Q15: The problem of scarcity occurs:
A) only in
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