Which of the following is NOT true concerning a societyʹs production possibilities frontier PPF) ?
A) Production efficiency occurs when production is on the frontier itself.
B) Tradeoffs occur when moving along a PPF.
C) It reveals the maximum amount of any two goods that can be produced from a given quantity of resources.
D) Consumers will receive equal benefits from the two goods illustrated in the PPF.
Correct Answer:
Verified
Q2: The production possibilities frontier
A) depicts the boundary
Q3: Any production point outside the production possibilities
Q4: Harry produces 2 balloon rides and 4
Q5: When producing at a production efficient point,_
Q6: Scarcity is represented on a production possibilities
Q7: The production possibilities frontier represents
A) the maximum
Q8: A point outside a production possibilities frontier
Q9: On the vertical axis, the production possibilities
Q10: Which of the following statements regarding the
Q11: Jane produces only corn and cloth. Taking
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents