I have 4 questions. And I need them after 5 hours from now:
Which of the following is not assumed when setting up a production possibilities frontier? _______ A) Labor, capital, and natural resources are fixed and unchanging. B) Only two outputs are produced. C) Any level of output is currently possible. D) The level of technology is fixed and unchanging.
When producing more and more of one good along a bowed out production possibilities frontier which of the following happens? ______ A) The amount of the good being produced in smaller quantity gets larger and larger. B) The amount of the good being produced in larger quantity gets smaller and smaller. C) None of these occur. D) All of these occur.
11) The slope or rate of change along a production possibilities frontier ______ A) measures the opportunity cost of producing one more unit of a good. B) has no economic relevance or meaning. C) is always varying. D) is always constant.
A shift outwards of the nation’s production possibilities frontier can occur from ______ A) a change in the amounts of one good desired. B) a natural disaster like a hurricane or bad earthquake. C) a reduction in unemployment. D) an increase in the labor force.
I need the Right Answers please!