Given a Production Possibilities Curve for Defense Goods and Nondefense

question 8

Multiple Choice

Given a production possibilities curve for defense goods and nondefense goods, if a nation is producing at a point inside the production possibilities curve, then

• A)too many resources are being used for nondefense goods.
• B)only new technology will increase the production of defense or nondefense goods.
• C)too many resources are being used for defense goods.
• D)society is maximizing output from the limited number of resources.
• E)it is possible to increase defense goods production without sacrificing nondefense goods production.

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Definitions:

Labour Force

The total number of people currently employed or in search of employment within a particular country or economic region.

Political System

The set of formal legal institutions that constitute a government or a state. This system outlines how these institutions interact within a society.

Work-Life Balance

The equilibrium between professional responsibilities and personal life, aiming to ensure both are maintained without detriment to each other.

Millennials

The generation of people born approximately between 1981 and 1996, known for being technologically savvy and valuing work-life balance.