Society's production possibilities frontier
a. helps explain the immense complexity of the real economy
b. demonstrates that, although resources are scarce for individuals, there is no problem of scarcity for society as a whole
c. is based on unrealistic assumptions and therefore has no value as an economic tool
d. is based on simplifying assumptions, but is still useful for illustrating scarcity, opportunity cost, and economic growth
e. is based on the assumption that technology is constantly changing
Question 2
When drawing a production possibilities frontier, all of the following are usually assumed except one. Which is the exception?
a. The quantity of resources is rapidly growing.
b. Technology is fixed.
c. Resources can be shifted between production of the two goods.
d. The production possibilities frontier is drawn for a particular time period.
e. Resources are fully and efficiently employed.
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