ECONOMICS
PRODUCTIVITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The combinations of 2 goods that can be produced with the resources and technology available.
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The specialization of a company.
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Either A or B
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None of the above
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Detailed explanation-1: -The Production Possibilities Frontier (PPF) is a graph that shows all the different combinations of output of two goods that can be produced using available resources and technology. The PPF captures the concepts of scarcity, choice, and tradeoffs.
Detailed explanation-2: -The production possibilities curve: is a frontier between all combinations of two goods that can be produced and those combinations that cannot be produced.
Detailed explanation-3: -The Production Possibilities Curve (PPC) is a model that captures scarcity and the opportunity costs of choices when faced with the possibility of producing two goods or services. Points on the interior of the PPC are inefficient, points on the PPC are efficient, and points beyond the PPC are unattainable.
Detailed explanation-4: -A production possibilities curve shows the maximum combinations of two goods and services that an economy can produce when resources are fully used and the best technology is applied.
Detailed explanation-5: -Answer and Explanation: The correct answer is d) Is currently impossible to produce. Explanation: Any goods that lie outside the production possibilities frontier indicate that its production is impossible.