What does a production possibilities frontier show?
a) scarce and less scarce resources
b) global trade-offs and costs of doing business
c) an economy that is producing but not at the maximum
d) the maximum amount that an economy can produce
Ans: d) the maximum amount that an economy can produce
Economics
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The amount of added utility that an individual derives from consuming one more unit of a good or service is called: a. total utility
b. marginal utility. c. average utility. d. diminishing utility.
Economics
It is likely that ________ has an income elasticity less than 1, and ________ have an income elasticity more than 1.
A. vacations; cell phones B. coffee; sailboats C. sailboats; cars D. filet mignon; chicken
Economics