The production possibilities frontier of an economy is based on the assumption that the _____
A) amount of consumer goods produced in the economy is constant during a given year.
B) quality of labor available in the economy is variable during a given year.
C) patent laws applicable in the economy are constant during a given year.
D) level of technology available in the economy is variable during a given year.
E) economy can produce either capital goods or consumer goods during a given year.
Correct Answer:
Verified
Q5: Long-term growth in production can be explained
Q6: Which of the following factors can influence
Q7: What is meant by the term standard
Q8: A process that transforms resources into goods
Q9: The ratio of total output to a
Q11: Which of the following best describes productivity?
A)
Q12: Long-term growth in production can be explained
Q13: The production possibilities curve for capital and
Q14: Suppose the production possibilities frontier (PPF) of
Q15: Which of the following does not contribute
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