Multiple Choice
Figure 2-7
-Which of the following could explain the shift in the production possibilities frontier from AB to AC in Figure 2-7?
A) a productive improvement in petroleum production that has no effect on clothing production
B) a productive improvement in clothing production that has no effect on petroleum production
C) an increase in the size of the labor force that can produce either petroleum products or clothing
D) oil drilling in Alaska is ended in order to protect the environment
E) major oil reserves are discovered off the coast of Africa
Correct Answer:
Verified
Correct Answer:
Verified
Q29: Combinations of goods on the production possibilities
Q30: Every economic system requires a means for
Q31: As a society produces more and more
Q32: A weakness of the market system of
Q33: If Bob has an absolute advantage over
Q35: Figure 2-9<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3972/.jpg" alt="Figure 2-9
Q36: Figure 2-10<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3972/.jpg" alt="Figure 2-10
Q37: The system of resource allocation in the
Q38: Maximizing output by following the principle of
Q39: The law of increasing opportunity cost says