Small developing countries must first become self sufficient before they can

Small developing countries must first become self

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11.Small, developing countries must first become self-sufficient before they can benefit from international trade. PTS: 1 DIF: M TOP: 2.3 Specialization and Trade | Specialization and Trade Lead to Greater Wealth and Prosperity 12.An increase in production of one good can have zero opportunity cost only if an economy initially operated at a point inside the production possibilities curve. PTS: 1 DIF: M TOP: 2.4 The Production Possibilities of an Economy | The Production Possibilities Curve 13.An economy that has many unemployed workers and idle factories is not operating efficiently. PTS: 1 DIF: E TOP: 2.4 The Production Possibilities of an Economy | Inefficiency and Efficiency 14.The production possibilities curve marks the boundary between attainable and unattainable combinations of output. PTS: 1 DIF: E TOP: 2.4 The Production Possibilities of an Economy | The Production Possibilities Curve 15.Output combinations outside the production possibilities curve is attainable in the current period only if prices decrease. PTS: 1 DIF: E TOP: 2.4 The Production Possibilities of an Economy | The Production Possibilities Curve 16.A decrease in the unemployment rate will shift an economy's production possibilities curve outward. PTS: 1 DIF: M TOP: 2.4 The Production Possibilities of an Economy | Inefficiency and Efficiency 17.An increase in available resources will tend to cause a society's production possibilities curve to shift inward. PTS: 1 DIF: E TOP: 2.4 The Production Possibilities of an Economy | Generating Economic Growth 18.An improvement in technology will tend to cause a society's production possibilities curve to shift outward.
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PTS: 1 DIF: E TOP: 2.4 The Production Possibilities of an Economy | Generating Economic Growth 19.The opportunity cost of a particular good tends to increase with its rate of output because some resources cannot be easily adapted from the production of one good or service to another. PTS: 1 DIF: E TOP: 2.4 The Production Possibilities of an Economy | The Law of Increasing Opportunity Cost 20.The production possibilities curve for an economy that experiences a constant opportunity cost of production is linear (a straight line). PTS: 1 DIF: M TOP: 2.4 The Production Possibilities of an Economy | The Production Possibilities Curve 21.The law of increasing opportunity costs implies that a society's production possibilities curve will be a straight line. PTS: 1 DIF: M TOP: 2.4 The Production Possibilities of an Economy | The Law of Increasing Opportunity Cost
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