Which of the following is not included in M1?

With a good on each axis, the production possibilities frontier is downward-sloping, which suggests

A) there is no limit to the amount of each good that can be produced. B) the production of one good ultimately means sacrificing production of the other. C) there are no opportunity costs of producing either of the goods. D) All of the above are true.

Which statement best describes a command economy?

A. The production of goods and services is determined primarily by markets, but the allocation of goods and services is determined primarily by government. B. The production and allocation of goods and services is determined primarily through markets. C. The production and allocation of goods and services is determined primarily through government. D. The production of goods and services is determined primarily by government, but the allocation of goods and services is determined primarily by markets.