The production possibilities frontier demonstrates the basic economic principle that:
A) market-based economies are more efficient.
B) supply will determine demand in the economy.
C) the production of more capital goods this year will cause the economy to produce fewer consumption goods next year.
D) to produce more of any one thing, assuming full employment, the economy must produce less of something else.
Correct Answer:
Verified
Q24: Along a production possibilities curve showing capital
Q25: Narrbegin Exhibit 2.2 Production possibilities frontier
Q26: Narrbegin Exhibit 2.2 Production possibilities frontier
Q27: A point outside a production possibilities curve
Q28: Narrbegin Exhibit 2.2 Production possibilities frontier
Q30: The production possibilities frontier illustrates all of
Q31: Efficient production means producing:
A) less than feasible
Q32: A production possibilities frontier shows the various:
A)
Q34: When an economy's resources are not fully
Q71: The law of increasing costs indicates that
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