The Ricardian model employs the concept of alternate uses of economic resources in production. We refer to this technique as:
A) the production possibilities frontier.
B) the labor theory of value technique.
C) the least-cost option.
D) the labor productivity model.

Question

Quizplus · Accepted Answer

The question is describing the concept of opportunity cost, or the idea that producing more of one good means producing less of another due to limited resources. The production possibilities frontier is a graphical representation of this concept and is the technique used in the Ricardian model. The other choices are not relevant to the question.

The Ricardian Model Employs the Concept of Alternate Uses of Economic