The concept of production possibility frontiers (PPF) means that
A) the factors of production are limited by a country's geographical frontiers.
B) any decision to use factors of production to produce one good necessarily means that these factors are not available to produce other goods.
C) any decision to use factors of production to produce one good doesn't necessarily mean that these factors are not available to produce other goods.
D) the factors of production are unlimited by a country's geographical frontiers.
E) countries are endowed with factors of production in infinite amounts.
Correct Answer:
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Q7: Production possibility frontiers (PPF)can be represented graphically
Q8: Together the PPF and indifference curves allow
Q9: Consumption indifference curves,help us understand
A) the specific
Q10: Negotiating the best deal possible requires
A) governments
Q11: Equilibrium production and consumption is changed by
Q13: The ideal trade bargaining outcome for the
Q14: The sequence of preferred outcomes for the
Q15: A country's ideal bargaining point is usually
Q16: The sequence of preferred outcomes for the
Q17: If governments are equally patient
A) then no
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