curve that shows various combinations of two goods that a country can produce when all of the country’s resources are fully employed and used in efficient manner: Select one: a) Supply Curve b) Budget Line c) Production Possibility Frontier d) Demand Curve e) None of the options are correct
curve that shows various combinations of two goods that a country can produce when all of the country’s resources are fully employed and used in efficient manner: Select one: a) Supply Curve b) Budget Line c) Production Possibility Frontier d) Demand Curve e) None of the options are correct
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
A curve that shows various combinations of two goods that a country can produce when all of the country’s resources are fully employed and used in efficient manner:
Select one:
a) Supply Curve
b) Budget Line
c) Production Possibility Frontier
d)
e) None of the options are correct
Expert Solution
Step 1 Economics
Economics is a social science which deals with efficient allocation of resources because resources are scarce and human wants are unlimited.
Two branches of economics are:
1. Microeconomics
2. Macroeconomics
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