The Fact That Individual Productive Resources Are NOT Equally Useful

question 184

Multiple Choice

The fact that individual productive resources are NOT equally useful in all activities

• A) implies a linear production possibilities frontier.
• B) follows from the law of demand.
• C) implies that a production possibilities frontier will be bowed outward.
• D) implies that gain from specialization and trade is unlikely.

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Definitions:

Buick Owner's Demand

The specific preferences and buying patterns of individuals who own or are interested in purchasing Buick vehicles.

Gasoline

A volatile, flammable liquid derived from petroleum, used primarily as fuel in internal combustion engines.

Gas Pump

A gas pump is a machine at a filling station that is used to transfer gasoline from a reservoir to a vehicle's fuel tank.

Reservation Price

The maximum or minimum price at which a consumer is willing to buy or sell a good or service.