The production possibilities frontier illustrates
a. the trade-off between efficiency and equality.
b. the combination of output that an economy should produce.
c. the combination of output that each member of society should consume.
d. None of the above is correct.
d
Economics
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A nation's capital stock was valued at $300 billion at the start of the year and $350 billion at the end. Consumption of private fixed capital in the year was $25 billion. Assuming stable prices, gross investment was:
A. $25 billion B. $50 billion C. $75 billion D. $90 billion
Economics
Related to the Economics in Practice on p. 512: In Santa Cruz, the red feathers of the Scarlet Honeyeater bird were used as currency. In this instance, the feathers would be considered
A. legal tender. B. token money. C. fiat money. D. commodity money.
Economics