Is it possible in the present to produce at a point that is outside the production possibilities frontier? Why or why not? With the passage of time how might a point outside the present production possibilities frontier be possible?
What will be an ideal response?
In the present, points outside the production possibilities frontier are not possible because the frontier represents the current inputs and technology that are available to the economy. With the passage of time this points will become attainable when and if there is a positive change in technology and/or a discovery of new resources.
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The demand for government regulation of sellers most often originates with
A) consumers. B) economists. C) politicians. D) sellers.
Any point on a production possibilities frontier (PPF) itself is
A) production efficient. B) unattainable. C) inefficient. D) equitable.
If an individual's income increases
A) the person's indifference curves shift outward in a parallel manner. B) the person's budget line shifts outward in a parallel manner. C) there will be no impact on the individual's budget line or indifference curves. D) None of the above answers is correct.
The Nobel Prize winner William Shockley feels strongly that blacks do not have a hereditary racial inferiority in intellectual performance
Indicate whether the statement is true or false