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According to the production possibilities model, if more resources are allocated to the production ...

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According to the production possibilities model, if more resources are allocated to the production ...

Question 1.

Increasing opportunity cost is represented by a ________ production possibilities frontier.

• linear

• bowed in

• bowed out

• vertical

Question 2.

According to the production possibilities model, if more resources are allocated to the production of physical and human capital, then which of the following is likely to happen?

• Fewer goods will be produced for consumption today.

• The production possibilities frontier will shift inward in the future.

• Future economic growth will decline.

• The country's total production will fall.

Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

Read 73 times

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Gparker

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More solutions for this book are available here

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asprague24 Author

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Exactly what I needed for my project, TYSM

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