Which of the Following Trade-Offs Does the Production Possibilities Frontier
Which of the following trade-offs does the production possibilities frontier illustrate?
A)If an economy wants to increase efficiency in production,then it must sacrifice equality in consumption.
B)Once an economy has reached the efficient points on its production possibilities frontier,the only way of getting more of one good is to get less of the other.
C)For an economy to consume more of one good,it must stop consuming the other good entirely.
D)For an economy to produce and consume goods,it must sacrifice environmental quality.
Which of the following concepts cannot be illustrated by the production possibilities frontier?
The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the
A)amount of the other good that must be given up.
B)market price of the additional amount produced.
C)amount of resources that must be devoted to its production.
D)number of dollars that must be spent to produce it.
The bowed shape of the production possibilities frontier can be explained by the fact that
A)all resources are scarce.
B)economic growth is always occurring.
C)the opportunity cost of one good in terms of the other depends on how much of each good the economy is producing.
D)the only way to get more of one good is to get less of the other.