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Title: An outward shift of the production possibilities frontier Post by: dpiotti on Feb 27, 2018 An outward shift of the production possibilities frontier
a. reflects economic stability b. reflects economic growth c. reflects economic decline d. does not relate to the state of the economy e. is always a parallel shift QUESTION 2 The production possibilities frontier can be used to show all of the following except one. Which is the exception? a. scarcity b. opportunity cost c. the law of increasing opportunity cost d. efficiency e. the best combination of goods and services for an economy QUESTION 3 The reason that the production possibilities frontier is usually a bow-shaped curve instead of a straight line is that a. it makes it easier to illustrate the concepts of scarcity and prices with a bow-shaped curve than it is with a straight line b. early economists began drawing them in this way and the convention has continued throughout the years c. output eventually reaches a maximum and then declines d. resources are not perfectly adaptable to the production of all goods e. the frontier will shift outward over time QUESTION 4 The production possibilities frontier represents all desirable combinations of two goods a. True b. False QUESTION 5 The production possibilities frontier will shift if there is a change in a. technology b. unemployment c. product prices d. society's preferences for commodities e. the quantities of the two goods being produced Title: An outward shift of the production possibilities frontier Post by: KarlyMaxi on Feb 27, 2018 Content hidden
Title: An outward shift of the production possibilities frontier Post by: dpiotti on Feb 27, 2018 All are right
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