- Q Which Of The Following Would Make It Possible For A Country To Consume Beyond Its Individual Production Possibilities 1 (22.64 KiB) Viewed 75 times
- Q Which Of The Following Would Make It Possible For A Country To Consume Beyond Its Individual Production Possibilities 2 (24.5 KiB) Viewed 75 times
- Q Which Of The Following Would Make It Possible For A Country To Consume Beyond Its Individual Production Possibilities 3 (34.64 KiB) Viewed 75 times
Q. Individuals and societies must make choices regarding which goods and services will be produced and consumed because income is not equally distributed to ensure that everyone can participate in the market allocating scarce resources efficiently reduces the inequality in distribution of goods resources are insufficient to satisfy the unlimited wants of people a country cannot have a comparative advantage in the production of all goods unlimited wants can only be satisfied by allocating resources efficiently
Q. All of the following are true about a country's production possibilities curve EXCEPT An increase in unemployment causes the curve to shift inward towards the origin. If it is bowed outward (concave to the origin), it is experiencing increasing opportunity costs of production O if it is a straight line, the country is experiencing constant opportunity costs of production Producing a quantity on the production possibilities curve is always productively efficient It shows the alternative combinations of goods that can be produced given a country's scarce resources