When an Economy Is Operating on Its Production Possibilities Curve

question 27

Multiple Choice

When an economy is operating on its production possibilities curve, more production of one good means less production of another because

• A)wants are unlimited.
• B)resources are limited.
• C)some resources are not employed.
• D)wants are limited.
• E)resources are not perfectly adaptable to alternative uses.

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Definitions:

Disputes

Conflicts or disagreements that arise between parties which may require negotiation or legal action to resolve.

Mediation

A form of alternative dispute resolution where a neutral third party helps disputing parties to reach a mutually satisfactory agreement.

Lawsuit

A legal action taken by one party against another in a court of law, typically to resolve a dispute or claim.

Summary Jury Trial

A shortened version of a trial conducted in less than a day before a jury. The jury’s verdict is advisory only.