A.   where 150 percent of the economy is devoted to producing that good

B.   where 100 percent of the economy is devoted to producing that good

C.   of inefficiency

D.   where 90 percent of the economy is devoted to producing that good

E.   comparative disadvantage

A.   diverting opportunity costs

B.   comparative complexity

C.   decreasing marginal opportunity costs

D.   increasing opportunity costs

E.   production possibility surpluses

A.   the production possibilities curve shifted inwards

B.   resources that are better suited towards glass production are being converted from the iron sector

C.   the economy is violating the law of increasing costs

D.   the production possibilities curve is becoming steeper

E.   resources that are better suited towards iron production are being converted from the glass sector

A.   labor increases efficiency

B.   opportunity costs are maximized.

C.   specialization and the division of labor help markets function more effectively

D.   all resources are equally effective in the production of all goods

E.   some resources, people, firms, and nations are more efficient at producing certain goods/services than alternative goods/services.

A.   a straight line

B.   must be bowed inwards

C.   an indeterminate shape

D.   must be bowed outwards

E.   must be inverted

A.   bowed outward

B.   relatively flat

C.   a straight line

D.   extremely flat

E.   exponential

A.   disentangled

B.   attainable and inefficient

C.   attainable and deficient

D.   unattainable

E.   due to comparative advantage

A.   can be due to comparative advantage

B.   can be attainable and complex

C.   can occur when all resources are not being utilized

D.   can occur when the maximum amount of production possible is taking place

E.   can be attainable and efficient

A.   a productivity capacity decline in both goods

B.   disequilibrium

C.   comparative advantage gains

D.   gains from trade

E.   a productive capacity decline in one good

A.   All of the resources will be transferred between the sectors in an economy.  This will effectively leave some resources to remain idle. This can cause productivity declines in the short-term.

B.   All of the resources might not be able to transferred between the sectors in an economy.  This will effectively leave some resources to remain idle.

C.   A financial bubble an occur that causes production to be greater than predicted.

D.   Countries won't necessarily produce what they have comparative advantage in.

E.   There can be productivity gains in one sector.