The Production Possibilities Curve Illustrates the Basic Principle That

question 219

Multiple Choice

The production possibilities curve illustrates the basic principle that

• A)the production of more of any one good will in time require smaller and smaller sacrifices of other goods.
• B)an economy will automatically obtain full employment of its resources.
• C)if all the resources of an economy are in use, more of one good can be produced only if less of another good is produced.
• D)an economy's capacity to produce increases in proportion to its population size.

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Definitions:

Pork

The culinary name for meat derived from domestic pigs.

Imported

Pertains to goods or services brought into one country from another for the purpose of sale.

Global Competition

Exists when firms originate, produce, and market their products and services worldwide.

Market Share

The percentage of total sales volume in a market captured by a brand, product, or company.