A Point Lying Inside the Production Possibilities Boundary Is One

question 29

Multiple Choice

A point lying inside the production possibilities boundary is one at which

• A)it is not possible to produce more output with existing resources.
• B)there is no scarcity.
• C)the opportunity cost of producing more output is negative.
• D)more output could be produced with existing resources.
• E)the economy has run out of resources.

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Definitions:

Efficiency

The ability to accomplish a task or goal with the minimum expenditure of time and resources; often related to optimizing processes and productivity.

Social Constructionist Approach

A theory in sociology and philosophy suggesting that social phenomena are created, institutionalized, and made into tradition by individuals within a society.

Principles for Good Governance

Fundamental guidelines and practices that ensure an organization is managed effectively, ethically, and in a manner conducive to its sustainability and accountability.

Ethical Practice

Adherence to moral principles and standards of conduct, particularly in a professional context.