The production possibilities curve illustrates the basic principle that: Question 70 options: an economy automatically seeks that level of output that employs all of its resources any production point below the curve reflects high opportunity cost the production of more of any one item will in time require smaller and smaller sacrifices of other items if all the resources of an economy are fully used, more of one item could be produced only if less of another item is produced any production point above the curve reflects low opportunity cost
The production possibilities curve illustrates the basic principle that: Question 70 options: an economy automatically seeks that level of output that employs all of its resources any production point below the curve reflects high opportunity cost the production of more of any one item will in time require smaller and smaller sacrifices of other items if all the resources of an economy are fully used, more of one item could be produced only if less of another item is produced any production point above the curve reflects low opportunity cost
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter1: What Is Economics
Section: Chapter Questions
Problem 22AA
Related questions
Question
The
Question 70 options:
|
an economy automatically seeks that level of output that employs all of its resources |
|
any production point below the curve reflects high |
|
the production of more of any one item will in time require smaller and smaller sacrifices of other items |
|
if all the resources of an economy are fully used, more of one item could be produced only if less of another item is produced |
|
any production point above the curve reflects low opportunity cost |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Economics Today and Tomorrow, Student Edition
Economics
ISBN:
9780078747663
Author:
McGraw-Hill
Publisher:
Glencoe/McGraw-Hill School Pub Co
Economics Today and Tomorrow, Student Edition
Economics
ISBN:
9780078747663
Author:
McGraw-Hill
Publisher:
Glencoe/McGraw-Hill School Pub Co