Assume That, Given Factors of Production and Existing Knowledge and Technology

question 91

Multiple Choice

Assume that, given factors of production and existing knowledge and technology, it is not possible to produce more of one good without foregoing the opportunity to produce some of another good. Economists would characterize this situation as:

• A)​inefficient.
• B)​efficient.
• C)​due to unemployment.
• D)​a point outside the production possibilities frontier.

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Definitions:

Rewarded

Being given something, typically a token of appreciation or payment, in response or recognition for one's action or service.

Exosystem

In Bronfenbrenner’s bioecological model, the level of the environment that children may not directly interact with but that influences them nonetheless.

Bronfenbrenner's Model

A theoretical model outlining the social and environmental layers that influence an individual's development, such as family, school, and society.

Affordable

Something that is priced within one's financial means, often implying reasonable or low cost.