Multiple Choice
A typical economy produces thousands of different goods.Is it accurate to say that society faces a production possibilities frontier?
A) No, because two dimensions cannot capture the complexity of a full economy.
B) No, although a graph with several thousand dimensions would be appropriate.
C) Yes, although society does not face opportunity cost and the model does not apply.
D) Yes, because scarcity always imposes opportunity costs.
E) Uncertain, economic theory has no answer to this question.
Correct Answer:

Verified
Correct Answer:
Verified
Q72: Figure 3-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8592/.jpg" alt="Figure 3-2
Q73: If the production possibilities frontier for two
Q74: Trade-offs can always be considered in terms
Q75: Adam Smith and David Ricardo worked together
Q76: Opportunity cost can always be measured in
Q78: What is the division of labor? How
Q79: If the production possibilities curve is a
Q80: Opportunity cost cannot be measured in money
Q81: In terms of the production possibilities diagram,
Q82: A society that relies on a market-based