Which of the following is the most accurate statement about production possibilities?
A) an economy can produce only on the production possibilities frontier
B) an economy can produce at any point inside or outside a production possibilities frontier
C) an economy can produce at any point on or inside the production possibilities frontier, but not outside the frontier
D) an economy can produce at any point inside the production possibilities frontier, but not on or outside the frontier
Correct Answer:
Verified
Q65: The circular flow diagram illustrates the:
A)flow of
Q66: Economists use models in order to:
A)develop insights
Q67: Economic models are generally constructed with:
A)tubes and
Q68: In a circular-flow diagram:
A)households sell goods and
Q69: In the circular-flow diagram:
A)firms are sellers in
Q71: The production possibilities frontier is a:
A)graph that
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