If an Economy Is Operating at a Point Inside the Production

question 136

Multiple Choice

If an economy is operating at a point inside the production possibilities frontier,then:

• A)some of the nation's resources are unemployed.
• B)the production decisions are made by the government.
• C)unlimited resources must satisfy scarce desires.
• D)using the existing resources efficiently will shift the production possibilities frontier outward.
• E)society is paying too much for wages.

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Definitions:

Intellectual Property

Legal rights that result from intellectual activity in the industrial, scientific, literary, or artistic fields.

Unequivocal

Leaving no doubt; clear, unambiguous, and without any possibility of misunderstanding.

Acceptance

The act of agreeing to receive or undertake something offered.

Notification

The act of formally informing or giving notice to a party or authority about an event, action, or proceeding.