The production possibilities frontier shows
A) what people want firms to produce in a particular time period.
B) what an equitable distribution of products among citizens would be.
C) the maximum attainable combinations of two products that may be produced in a particular time period with available resources.
D) the various products that can be produced now and in the future.
C
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In a case where there are two possible work activities and two workers, which of the following is true regarding to comparative advantage?
a. One person can have a comparative advantage in both activities. b. Both people can have a comparative advantage in both activities. c. No one can have a comparative advantage in either activity. d. Each person must have a comparative advantage in one activity, but not both.
The United States is currently a net debtor nation. This means that
A) U.S. consumers have a great variety of foreign goods available to them. B) the U.S. economy is in serious trouble if government policies don't change quickly. C) capital outflows from the U.S. are greater than inflows. D) the U.S. is seen as a poor investment by foreign citizens and firms.
Most of a bank's operating income results from
A) interest on assets. B) service charges on deposit accounts. C) off-balance-sheet activities. D) fees from standby lines of credit.
Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. What is the expected value of the payoff in the first game?
A. $5.75 B. $5.00 C. $4.75 D. $4.50