If a Country Is Operating at a Point of Production

question 143

Multiple Choice

If a country is operating at a point of production efficiency,

• A) it enjoys a free lunch when increasing production.
• B) it produces on its production possibilities frontier.
• C) it must specialize in the production of a good.
• D) it operates on its trade line.
• E) it cannot be producing at its point of comparative advantage.

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Definitions:

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms, values, or expectations.

Classic Experiment

a traditional or well-established form of experimental research that tests hypotheses under controlled conditions to establish cause and effect relationships.

Industrial Revolution

A period of major industrialization from the late 18th to early 19th century that transformed primarily agrarian, rural societies in Europe and America into industrialized, urban ones.

Nineteenth-Century

A period from January 1, 1801, to December 31, 1900, characterized by significant industrial, cultural, and political changes worldwide.