If the Resources Within a Nation Are Not Being Fully

question 7

Multiple Choice

If the resources within a nation are not being fully or efficiently utilized,it means:

• A)that nation is operating at a point inside its production possibilities curve.
• B)that nation is operating at a point outside its production possibilities curve.
• C)that nation is operating at a point along its production possibilities curve.
• D)that nation is probably technologically advanced.
• E)the government of that nation should seize ownership of the resources in order to attain the necessary efficiencies.

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Definitions:

Utility

A financial concept that denotes the overall pleasure obtained from using a product or service.

Indifference Curve

A graphical representation showing different combinations of two goods that provide a consumer with the same level of satisfaction or utility.

Total Utility

The complete fulfillment gained through the consumption of a certain amount of a product or service.

Total Utility

The overall satisfaction or value that a consumer derives from consuming a certain quantity of goods or services.