QUESTION 20 A production possibilities curve shows: OA the maximum amounts of two goods that can be produced assuming the full and efficient use of available resources. OB. combinations of capital and labor necessary to produce specific levels of output. OC. that resources are unlimited. OD. that people prefer one of the goods more than the other. QUESTION 21 Which of the following is likely to have the most elastic demand curve? OA Tobacco products OB. Medical services Gasoline OC. OD. Honda automobiles

QUESTION 20 A production possibilities curve shows: OA the maximum amounts of two goods that can be produced assuming the full and efficient use of available resources. OB. combinations of capital and labor necessary to produce specific levels of output. OC. that resources are unlimited. OD. that people prefer one of the goods more than the other. QUESTION 21 Which of the following is likely to have the most elastic demand curve? OA Tobacco products OB. Medical services Gasoline OC. OD. Honda automobiles

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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