The production possibilities frontier illustrates
a. the combinations of output that an economy should produce.
b. the combinations of output that an economy should consume.
c. the combinations of output that an economy can produce.
d. All of the above are correct.
c
You might also like to view...
The amount of currency in the economy is determined ultimately by the demands of the
a. commercial banks and the public b. Board of Governors c. District Federal Reserve Banks d. District Federal Reserve Banks and commercial banks e. Board of Governors and the District Federal Reserve Banks
In a market with a binding price control, a. there is an imbalance between the quantity supplied by sellers and the quantity demanded by buyers. b. the costs of production are fully reflected in the price paid
c. the price observe reflects the scarcity of the good. d. all of the above are true.