The Best Output or the Optimal Production of the Nation

question 33

Multiple Choice

The best output or the optimal production of the nation is

• A) a combination of products at the midpoint of the production possibilities curve.
• B) a combination of products at either of the two endpoints of the production possibilities curve.
• C) determined by equalizing the marginal benefits and marginal costs of each product.
• D) the production combination where the opportunity costs are minimized.

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Definitions:

Farming

The practice of cultivating land, raising crops, and/or keeping animals to produce food and other agricultural products.

Mining

The extraction of valuable minerals or other geological materials from the Earth, often from an ore body, lode, vein, seam, or reef.

Critical Event

A significant occurrence that has a profound effect on operations, which may necessitate considerable adjustments to business activities.

Percentage Of Completion

An accounting method used to recognize revenues and expenses of long-term projects proportionally to the work completed to date.