When a nation is in autarky and maximizes its living standard,its consumption and production points are:
A) Along the production possibilities schedule
B) Above the production possibilities schedule
C) Beneath the production possibilities schedule
D) Any of the above

Question

Quizplus · Accepted Answer

In autarky, a nation maximizes its living standard by producing and consuming at a point on its production possibilities schedule, which represents the most efficient allocation of resources.

When a Nation Is in Autarky and Maximizes Its Living