The Point on the Production Possibilities Curve That Is Most

question 159

Multiple Choice

The point on the production possibilities curve that is most desirable can be found by

• A) estimating the marginal costs of both products in real or physical terms.
• B) comparing marginal benefits and marginal costs.
• C) determining where least-cost production occurs.
• D) calculating where economic growth will be greatest.

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Definitions:

Privative Clause

A legal provision in a statute that limits the ability of courts to review decisions made by administrative bodies or officials.

Certiorari

A writ or order by which a higher court reviews a decision of a lower court.

Mandamus

A judicial remedy in the form of an order from a court to a government official, body, or lower court, requiring them to perform a mandatory or purely ministerial duty correctly.

Natural Justice

The principle of fairness in legal processes, ensuring all parties have a fair chance to present their case.