Which of the following is NOT true concerning a society's production possibilities frontier (PPF)?
A) It reveals the maximum amount of any two goods that can be produced from a given quantity of resources.
B) Tradeoffs occur when moving along a PPF.
C) Production efficiency occurs when production is on the frontier itself.
D) Consumers will receive equal benefits from the two goods illustrated in the PPF.
Question 2
The Industrial Revolution in England in large was the result of
A) growth in human capital.
B) technological innovations encouraged by the patent system.
C) population growth.
D) technological innovations that were financed mainly by government spending.
Production efficiency.
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