Which of the following is an assumption made while constructing a production possibilities frontier [PPF]?
a. Dynamic technological know-how
b. Flexible resource quality
c. Fixed resource quantity
d. Full and efficient use of resources
e. Flexible money supply
d
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All of the following are examples of explicit cost a firm might incur except
A) taxes owed to the state government. B) the revenue a firm generates in using its resources. C) the rental value of the warehouse space the company owns and uses for itself. D) the out-of-pocket expense to hire employees.
Personal dating advertisements in the newspaper are popular because they
a. increase the marginal benefit of search b. reduce the marginal cost of search c. increase the marginal cost of search d. reduce the optimal amount of search e. increase quality dispersion
When a country has the ability to produce more of a good than others with a given amount of resources, they:
A. have an absolute advantage. B. have a comparative advantage. C. are free-traders. D. should remain self-sufficient.
A Nash equilibrium:
A. is a point in a game when no player has an incentive to change his or her strategy, given what the other players are doing. B. is a stable outcome of a game. C. is reached when all players choose the best strategy they can, given the choices of all other players. D. All of these statements are true.