Exhibit 1-9 -Any Point on the Production Possibilities Curve Represents the Fact

question 114

True/False

Exhibit 1-9
-Any point on the production possibilities curve represents the fact that resources are efficiently allocated.

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Definitions:

Outsourcing

The business practice of hiring a party outside a company to perform services and create goods that traditionally were performed in-house by the company's own employees.

Offshoring

Moving production outside the home country.

Offset Agreement

An agreement wherein a supplier agrees to buy products from the party to whom it is selling in order to win the buyer as a customer and “offset” the buyer’s production costs.

Import Tariffs

Taxes imposed by a government on goods and services imported from other countries, often used to protect domestic industries or generate revenue.