Which One of the Following Statements Is Correct

question 105

Multiple Choice

Which one of the following statements is correct?

• A)Relative scarcity is no longer a central notion in economics because we are in an age of abundance.
• B)Most production possibilities curves are convex as viewed from the origin.
• C)The production possibilities curve shows society's preferences for consumer goods relative to capital goods.
• D)The central concept underlying the production possibilities curve is that of limited resources.

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Definitions:

Joint Committees

Committees made up of members from both houses of a bicameral legislature, tasked with addressing issues that require input from both the Senate and the House of Representatives.

Economic

Pertaining to the production, distribution, and consumption of goods and services, and the analysis of the behavior of economies.

Taxation

The process by which governments finance their expenditure by imposing charges on citizens and corporate entities.

Ping Ponging

The process in which legislative bills are sent back and forth between the two houses of a legislature for approval or amendment.