Multiple Choice
Moving along the production possibilities frontier itself illustrates
A) the existence of unemployment of some factors of production.
B) the existence of tradeoffs.
C) the benefits of free lunches.
D) how tradeoffs need not occur if the economy is efficient.
E) how free lunches can be exploited through trade.
Correct Answer:
Verified
Correct Answer:
Verified
Q24: Having a comparative advantage means a nation
Q25: The gains from trade include <br>i) lower
Q26: If workers in Mexico produce fewer goods
Q27: If the production possibilities frontier between two
Q28: The production possibilities frontier illustrates which of
Q30: A production possibilities frontier shows<br>A) that if
Q31: Increasing opportunity cost exists<br>A) in the real
Q32: Scott and Cindy both produce only pizza
Q33: When a production possibilities frontier is bowed
Q34: Hank requires 1 hour to cut the