The production possibility frontier illustrates that:
A) the economy will automatically end up at full employment.
B) an economy's productive capacity increases one-for-one with its population.
C) if all resources of an economy are being used efficiently,more of one good can be produced only if less of another good is produced.
D) economic production possibilities have no limit.
Correct Answer:
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Q1: Use the following to answer question:
Q2: In constructing a model,economists:
A)might use a computer
Q4: When building a model,economists:
A)simplify reality to highlight
Q5: An economic model:
A)is useful for explaining past
Q6: A simplified version of reality that is
Q7: The financial meltdown of 2008-2009:
A)was accurately predicted
Q8: A simplified representation that is used to
Q9: The models used in economics:
A)are always limited
Q10: Before 2000,the mortgage-backed securities market was relatively
Q11: A mortgage-backed security is an asset that:
A)only
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