The production possibilities frontier illustrates that it is not feasible for an economy to produce an output that is outside the frontier.
Correct Answer:
Verified
Q2: In a simple circular-flow diagram, firms have
Q3: The single most important purpose of an
Q5: In the circular-flow diagram, the only return
Q6: Understanding how an economic system works is
Q8: Factors of production are factors like labour,
Q9: In a circular-flow diagram, one loop shows
Q10: Most economic theories have been developed and
Q11: Economic models always attempt to include as
Q12: The art in scientific thinking is in
Q17: All scientific models, including economic models, simplify
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