The Fact That Resources Are Not Equally Productive in All

question 49

Multiple Choice

The fact that resources are not equally productive in all activities

• A)implies that a production possibilities frontier will be bowed outward.
• B)implies that gains from specialization and trade are unlikely.
• C)follows from the law of demand.
• D)implies a linear production possibilities frontier.
• E)implies that an economy should not produce certain goods.

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Definitions:

Marriage

A legally and socially sanctioned union, typically between two people, that is regulated by laws, rules, customs, beliefs, and attitudes that prescribe the rights and duties of the partners.

Income

The amount of money or earnings received by a person, family, or organization, usually measured on a monthly or yearly basis.

Indicator Variable

A variable that takes the value 1 to indicate the presence of a condition or characteristic and 0 to indicate its absence.

Color

The characteristic of visual perception described through categories such as hue, saturation, and brightness.