Which of the Following Cannot Be Determined from a Nation's

question 7

Multiple Choice

Which of the following cannot be determined from a nation's position relative to its production possibilities frontier?

• A)whether it is producing efficiently
• B)whether it has unemployed resources
• C)the opportunity cost of each good illustrated
• D)the society's relative preferences regarding each good illustrated
• E)the price of each good illustrated

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Definitions:

Nonbinding

Describes a regulation or condition that does not restrict the actions or choices of the individuals or entities it applies to.

Equilibrium Price

The market price at which the quantity of goods supplied equals the quantity of goods demanded.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, resulting in a market balance.

Quantity

The quantity of a substance or item that is available or manufactured.