When drawing a production possibilities frontier for two goods, all of the following are usually assumed except one. Which is the exception?
a. ?Technology is fixed.
b. ?The production possibilities frontier is drawn for a particular time period.
c. ?Resources can be shifted from the production of one good to the other.
d. ?The quantity of resources is rapidly growing.
e. ?Resources are fully and efficiently employed.
Ans: d. ?The quantity of resources is rapidly growing.
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If voters do not have single-peaked preferences then a cyclical majority will arise
a. True b. False
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