QUESTION 1 Which of the following statements is true? 1. Land, capital, entrepreneurial ability and labor are all considered to be economic resources II. All economic resources are scarce except for land and labor which have unlimited availability O 1.Only O II Only O Both I and II ONeither I nor II QUESTION 2 Which of the following statements is false? O All points on the Production possability curve are attainable O All points inside the Production possability curve are unattainable All points inside the Production possability curve are inefficient All are true

QUESTION 1 Which of the following statements is true? 1. Land, capital, entrepreneurial ability and labor are all considered to be economic resources II. All economic resources are scarce except for land and labor which have unlimited availability O 1.Only O II Only O Both I and II ONeither I nor II QUESTION 2 Which of the following statements is false? O All points on the Production possability curve are attainable O All points inside the Production possability curve are unattainable All points inside the Production possability curve are inefficient All are true

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter13: General Equilibrium And Welfare

Section: Chapter Questions

Problem 13.12P

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