The production possibility frontier is a graph that shows Select one: a. how much goods a society can consume at various average price levels. b. all combinations of goods that a society can produce if it uses all its resources efficiently. c. all combinations of goods that a society can consume if it uses all its resources efficiently. d. all combinations of factors that a society can use if there are no idle factors. e. the rate at which a societyʹs output will grow if it uses all resources efficiently.
The production possibility frontier is a graph that shows Select one: a. how much goods a society can consume at various average price levels. b. all combinations of goods that a society can produce if it uses all its resources efficiently. c. all combinations of goods that a society can consume if it uses all its resources efficiently. d. all combinations of factors that a society can use if there are no idle factors. e. the rate at which a societyʹs output will grow if it uses all resources efficiently.
Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781305971509
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter2: Thinking Like An Economist
Section2.1: The Economist As Scientist
Problem 1QQ
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The production possibility frontier is a graph that shows
Select one:
a.
how much goods a society can consume at various average price levels.
b.
all combinations of goods that a society can produce if it uses all its resources efficiently.
c.
all combinations of goods that a society can consume if it uses all its resources efficiently.
d.
all combinations of factors that a society can use if there are no idle factors.
e.
the rate at which a societyʹs output will grow if it uses all resources efficiently.
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