If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line.
B. negatively sloped and "bowed inward" toward the origin.
C. negatively sloped and "bowed outward" from the origin.
D. a positively sloped straight line.
Answer: C
You might also like to view...
What is the Coase theorem? What conditions need to be present for this theorem to work?
What will be an ideal response?
"Correlation" is a measure of how one variable causes another to change
a. True b. False Indicate whether the statement is true or false
Assume an economy is producing only one product. Year 2 is the base year. Output and price data for a five-year period are given.YearUnits of OutputPrice Per Unit14$425537849951010Refer to the above data. If year 2 is chosen as the base year, the real GDP for year 1 is:
A. $20. B. $25. C. $4. D. $16.
The ultimate effect of a reduction in the money supply is _____
Fill in the blank(s) with the appropriate word(s).