Without an Increase in the Supplies of Factors of Production

question 25

Multiple Choice

Without an increase in the supplies of factors of production, how can a nation achieve economic growth?

• A) by producing more high-value goods and less of low-value goods
• B) through technological advancement which enables more output with the same quantity of resources
• C) by lowering the prices of factors of production
• D) by increasing the prices of factors of production

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Definitions:

Break-even Point

The point at which total costs and total revenue are equal, meaning there is no net loss or gain, and the business is not making a profit.

Actual Sales

This refers to the actual revenue generated from the sale of products or services, as opposed to projected sales or forecasts.

Break-even Point

The point at which total revenues equal total costs, meaning the company neither makes a profit nor incurs a loss.

Variable Costs

Costs that vary directly with the level of production or with volume of services provided.