If an economy is producing at a point on the production possibilities curve it represents:
a. full employment of existing resources.
b. the gains from trade that an economy can enjoy.
c. the maximum amount of two goods that can be produced with existing resources.
d. decreasing opportunity costs of producing both goods.
e. overutilization of existing resources.
Question 2
Sergei makes millions of dollars a year playing hockey. Sergei is also the best tailor in his hometown in Russia. Why is Sergei unlikely to make his own clothes?
a. He has already made all the clothes he will need for a few years.
b. The opportunity cost to him of making his own clothes is very high because it takes away from his lucrative hockey career.
c. Sergei just can't find the material he likes in the United States.
d. Sergei has a comparative advantage in tailoring clothes.
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