The production possibilities frontier assumes all of the following except
A) labor, capital, land and natural resources are fixed in quantity.
B) the economy produces only two products.
C) any level of the two products that the economy produces is currently possible.
D) the level of technology is fixed and unchanging.
Answer: C
Economics
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When we say that money is a stock variable, we mean that
A) the quantity of money is measured at a given point in time. B) we must attach a time period to the measure. C) it is sold in the equity market. D) money never loses purchasing power.
Economics
Refer to the above table. Suppose the price of A increases from $10 to $12. What is the cross price elasticity of demand between A and C?
A. +7.06 B. -7.06 C. -0.292 D. +0.292
Economics