Chap 2 ECON

Chap 2. 1.The production possibilities frontier depicted in the diagram to the right illustrate.-Both the labor force and capital stock increasing..2.In the diagram to the right, point C indicates an -Efficient result (on the line), inefficient result (under the line), unattainable result (over the line)3.On the diagram to the right, movement along the curve from points A to B to C illustrates-Increasing marginal opportunity costs (up to down). 4.A production possibilities frontier (PPF) is-A curve showing the maximum attainable combination of two products that may be produced withavailable resources and current technology.5.The production possibilities frontiers depicted in the diagram to the right illustrate-Technological advances in the tank industry (just increase the tank line)6.The primary difference between absolute and comparative advantage is-Absolute advantage refers to the ability to produce more of a good or service using

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