A straight line production possibilities curve takes this shape because
A) the opportunity cost of producing a good is constant.
B) the opportunity cost of producing more of a good is decreasing.
C) resources are better suit
D) resources are fixed.
D) resources are fixed.
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If there is an increase in government spending, then, ceteris paribus, the IS curve:
A) will shift to the left. B) will shift to the right. C) will not shift at all. D) will shift to the left if there is a corresponding decrease in taxes.
One question that arises when determining for whom goods and services should be produced is:
A) Who gets how much of the economic pie? B) How can we import more goods for domestic consumption? C) How can we reduce exports so as to leave more goods for domestic consumption? D) Should society outlaw child labor?