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Author Question: The biggest single factor affecting household income is the householder's age. Indicate whether ... (Read 91 times)

Starlight

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on: Jun 29, 2018
The biggest single factor affecting household income is the householder's age.
 
  Indicate whether the statement is true or false

Question 2

Is it possible in the present to produce at a point that is outside the production possibilities frontier? Why or why not? With the passage of time how might a point outside the present production possibilities frontier be possible?
 
  What will be an ideal response?


voltaire123

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Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

In the present, points outside the production possibilities frontier are not possible because the frontier represents the current inputs and technology that are available to the economy. With the passage of time this points will become attainable when and if there is a positive change in technology and/or a discovery of new resources.


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