The Production Possibilities Curve Illustrates Which Two of the Following

question 89

Multiple Choice

The production possibilities curve illustrates which two of the following essential principles?

• A)Factors of production and price signals.
• B)Scarce resources and opportunity cost.
• C)Market mechanisms and laissez faire.
• D)Economic growth and market failure.

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Definitions:

Interstate Commerce

A test that is applied to determine whether an employer must follow the rules of the Fair Labor Standards Act. If an employer communicates or does business with another business in some other state, it is usually considered to be involved in interstate commerce.

FICA

FICA refers to the Federal Insurance Contributions Act, which is a U.S. law that requires a payroll tax to fund Social Security and Medicare programs.

OASDI

An acronym for Old-Age, Survivors, and Disability Insurance, a comprehensive federal benefits program that provides benefits to retired people, the disabled, and survivors of deceased workers.

Medicare

A federal health insurance program in the United States primarily for people aged 65 and older, as well as for some younger people with disabilities.