Which of the following conditions will be true for a nation operating at a point lying inside its production possibilities curve?
A) The nation has experienced a technological breakthrough in one of its key industries.
B) The nation is clearly utilizing its resources efficiently.
C) The nation is producing the maximum output that can be produced with a limited quantity of resources.
D) The nation is not utilizing its resources efficiently.
E) The nation is producing the maximum output that can be produced with its unlimited quantity of resources.
Correct Answer:
Verified
Q6: Figure 1.3 Q8: Which of the following is related to Q9: Nicky makes $25,000 a year as a Q10: Jane wins $100,000 in the lottery and Q12: While constructing a production possibilities frontier [PPF],we Q14: Shirley can choose between peanut butter pretzels Q15: Which of the following best describes a Q16: Following is the production possibilities schedule for Q17: If the resources within a nation are Q18: In economics,the concept of opportunity cost is:
A)negated
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