A bowed outward production possibilities frontier occurs when
A) opportunity costs are constant.
B) resources are not scarce.
C) as more of a good is produced, producing additional units of it require greater reductions in the other good.
D) the society is operating on the production possibilities frontier.
Question 2
The above figure shows the U.S. market for 1 carat diamonds. With free trade, the United States produces ________ diamonds and imports ________ diamonds.
A) 300,000; 600,000
B) 0; 900,000
C) 100,000; 900,000
D) 100,000; 800,000
E) 500,000; 400,000
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