Which of the Following Most Accurately Summarizes the Implications of an Economy's

question 63

Multiple Choice

Which of the following most accurately summarizes the implications of an economy's production possibilities curve?

• A) If all the resources of an economy are being used efficiently, more of one good can be produced only if less of another good is produced.
• B) If all the resources of an economy are being used efficiently, it is generally possible to produce more of one good without having to sacrifice the production of other goods.
• C) Over time, it is generally impossible for a country to expand its production of goods.
• D) An economy will automatically move toward a point that lies outside of the production possibilities constraint unless proper government policy constrains production.

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Definitions:

Employment Standards

Legal requirements that establish the minimum conditions for working hours, wages, benefits, and working conditions that employers must provide to employees.

Implied Contract

An unwritten agreement created through the actions, behavior, or circumstances of the parties involved, rather than explicit words.

Code of Conduct

A set of rules outlining the social norms, responsibilities, and proper practices for an individual or organization.

Discriminatory Wages

Wages that are set based on biased or unjust grounds, often resulting in unequal pay for employees who perform similar tasks.