Author Question: When constructing a production possibility curve for an economy, which of the following is assumed ... (Read 97 times)

shofmannx20 · **on:** Jun 30, 2018

When constructing a production possibility curve for an economy, which of the following is assumed to be constant?
a. The quantity of resources
b. The government budget
c. The quantity of goods produced
d. The price level
e. The money supply

Question 2

Which of the following is part of the economic way of thinking?
a. When an option becomes less beneficial, individuals will become more likely to choose it.
b. Costs are incurred whenever scarce resources are used to produce goods or services.
c. The value of a good is determined by its cost of production.
d. Both a. and b. are part of the economic way of thinking.