The production possibility curve is bowed outward from the origin because of:
A) the law of increasing opportunity costs.
B) the finite nature of the resource base.
C) inefficiency.
D) improper output mix.
E) unemployment.
Correct Answer:
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Q75: Of factors which affect any economy's production
Q76: Any point on the production possibilities curve
Q77: When an economy's resources are not fully
Q78: An efficient economy:
A) uses available resources fully.
B)
Q79: When the production possibilities curve is bowed
Q81: All points on the production possibilities curve
Q82: If an economy is producing at full
Q83: If society leaves some of its resources
Q84: The law of increasing costs holds that
Q85: Exhibit 2-4 Production possibilities curve data
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