If an Economy Is Producing a Combination of Goods That

question 29

Multiple Choice

If an economy is producing a combination of goods that places it inside the production possibilities curve, then it has:

• A) economic growth.
• B) full employment.
• C) efficiency.
• D) idle factors of production or inefficient use of resources.

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Definitions:

One Quarter

A term referring to one-fourth of a year, used in financial and business contexts to divide the fiscal or calendar year into four periods for reporting purposes.

One Year

A period consisting of 12 consecutive months.

Unearned Revenue

An accounting term referring to money received for a product or service yet to be delivered or performed.

Customers Pay

This term refers to the action of clients or buyers giving money in exchange for goods or services.