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 either produce capital goods or consumer goods during a given year.
Correct Answer:
Verified
Q3: Suppose a production possibilities frontier (PPF)has been
Q4: Human capital represents:
A)the equipment that labor uses
Q5: The rules of the game refer to:
A)any
Q6: Suppose a production possibilities frontier (PPF)has been
Q7: Which of the following could cause the
Q9: _ is the resource whose productivity is
Q10: If Q is total real output,K is
Q11: Long-term growth in production can be explained
Q12: The production possibilities curve for capital and
Q13: Which of the following factors can influence
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