What shape does a production possibilities frontier take if it displays increasing opportunity costs? What shape does a production possibilities frontier take if it displays constant opportunity costs? Which shape is most common in production
situations?
A production possibilities frontier which displays increasing opportunity costs is bowed outward. A production possibilities frontier which displays constant opportunity costs is linear. A bowed-out production possibilities frontier is most common in production situations.
You might also like to view...
Net capital outflow represents the quantity of dollars supplied in the foreign-currency exchange market
a. True b. False Indicate whether the statement is true or false
In planning for a Fiscal year, which of the following is supposed to happen first?
A. an appropriations bill B. a budget bill C. a continuing resolution D. a Presidential veto
Which of the following statements is NOT an assumption underlying the production possibilities curve?
A. Resources are fully and efficiently employed. B. The amount of resources available for production can be changed quickly. C. Production occurs over some specified time period. D. Technology is fixed.
If you want to become an actor, and you must join the Screen Actors Guild after your first job, the Screen Actors Guild is a(n)
A) closed shop. B) open shop. C) agency shop. D) union shop.