Which is not a factor of production? Money Land Labor Capital 2 A point outside the production possibilities curve is attainable, but there is not full employment attainable, but there is not optimal allocation unattainable because the economy is inefficient unattainable because of limited resources 3. A basic characteristic of a command system is that wages paid to labor are higher government owns most economic resources free markets are never permitted in a command economy government planners play a limited role in deciding what goods will be produced
Which is not a factor of production? Money Land Labor Capital 2 A point outside the production possibilities curve is attainable, but there is not full employment attainable, but there is not optimal allocation unattainable because the economy is inefficient unattainable because of limited resources 3. A basic characteristic of a command system is that wages paid to labor are higher government owns most economic resources free markets are never permitted in a command economy government planners play a limited role in deciding what goods will be produced
Chapter3: Scarcity, Trade-offs, And Production Possibilities
Section: Chapter Questions
Problem 5P
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- Which is not a factor of production? Money
Land
Labor
Capital
2 A point outside the
attainable, but there is not full employment
attainable, but there is not optimal allocation
unattainable because the economy is inefficient
unattainable because of limited resources
3. A basic characteristic of a command system is that
wages paid to labor are higher
government owns most economic resources
free markets are never permitted in a command economy
government planners play a limited role in deciding what goods will be produced
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