The Production Possibilities Curve Illustrates the Basic Principle That

question 35

Multiple Choice

The production possibilities curve illustrates the basic principle that

• A)an economy's capacity to produce increases in proportion to its population size.
• B)if all the resources of an economy are in use,more of one good can be produced only if less of another good is produced.
• C)an economy will automatically seek that level of output at which all of its resources are employed.
• D)the production of more of any one good will in time require smaller and smaller sacrifices of other goods.

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The lowest legally permissible amount that workers can be paid for their labor, designated by government law or regulation.