A ___________shows the various possible combinations of the production of goods X and Y, given the limited resources are fully utilized.

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Microeconomics

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Analyze Problems of Scarcity and Social Choices

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Paramjeet ChawlaLv8

29 Oct 2020

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Related questions

A point on a nation's production possibilities frontier indicates:

a) levels of production that will cause both unemployment and inflation.

b) combinations of output that are unattainable. given the current stock of resources and technology.

c) that resources are fully utilized in producing the given combination of goods and services.

d) an undesirable combination of goods and services.

sapphirekangaroo634

Good Y Figure 2.2 23) 23) Refer to the production possibilities frontier in Figure 2.2. If 6 units of X are currently being produced, then A) 50 units of Y must be produced, regardless of resource utilization. B) 40 units of Y cannot be produced unless production of X is increased. C) 50 units of Y can be produced if all resources are fully utilized. D) 40 units of Y cannot be produced unless production of X is decreased. E) 60 units of Y can be produced with some resources not fully utilized.

Which of the following is the assumption of the production possibilities curve?

A. Resources are fully utilized

B. Resources are underutilized

C. Resources are expanding continuously

D. Resources are non-renewable