-The Above Figure Shows a Nation's Production Function

question 61

Multiple Choice

-The above figure shows a nation's production function.Point B is

• A)unattainable.
• B)attainable if the nation uses resources inefficiently.
• C)attainable if the nation uses resources efficiently.
• D)the maximum amount of real GDP the nation can ever produce.
• E)Both answers C and D are correct.

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Definitions:

Adjusting Entries

Journal entries made in an accounting period to allocate income and expenditure to the correct periods.

Profit Margin

A financial metric depicting the percentage of revenue that exceeds the costs of goods sold, showing the profitability of a business.

Net Sales

Company sales revenue post deduction of returns, allowances for imperfections or absences, and discounts.

Depreciation

An accounting method of allocating the cost of a tangible asset over its useful life to account for declines in value over time.