REFER TO THE ABOVE PRODUCTION POSSIBILITIES CURVES

121.Refer to the above production possibilities curves. Curve (a) is the current curve for the economy. Given production possibilities curve (a), point N suggests that the economy is:attaining full employment but not full production.attaining full production but not full employment.using its available resources inefficiently.→ attaining both full employment and full production. AACSB: Analytic

Test Bank for Essentials of Economics 3rd Edition by Brue

Blooms: UnderstandDifficulty: 1 Easy

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Learning Objective: 01-05 Apply production possibilities analysis; increasing opportunity costs; and economic growth.Topic: Unemployment, growth, and the futureMultiple Choice Question