Which Statement Is True

question 159

Multiple Choice

Which statement is true?

• A)The U.S.standard of living is higher than that of India because we have more capital.
• B)It is easier to attain full production than full employment.
• C)We often operate outside our production possibility frontier.
• D)All of the statements are true.
• E)The U.S.standard of living is higher than that of India because we have more capital AND we often operate outside our production possibility frontier.

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Definitions:

Free Trade Agreements

International treaties between countries that reduce or eliminate trade barriers, such as tariffs and import quotas, to encourage trade and economic cooperation.

Free Trade

An economic policy allowing goods and services to be traded across international borders with little to no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange.

Labor

The body of workers in an economy or within a specific sector or industry, often represented collectively in discussions on wages, conditions, and rights.

Management

The process of dealing with or controlling things or people, especially in a professional setting; involves planning, organizing, leading, and controlling organizational resources.