As One Progresses from a One-Person Economy to a Large,multi-Person

question 117

Multiple Choice

As one progresses from a one-person economy to a large,multi-person economy,the shape of production possibilities curve changes from

• A) downward sloping to upwards sloping.
• B) linear to convex (bowed into the origin).
• C) concave (bowed out from the origin)to linear.
• D) convex (bowed into the origin)to concave (bowed out from the origin).
• E) linear to concave (bowed out from the origin).

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Definitions:

Selfishness

The act of putting one's own needs and desires above the needs of others.

Self-Interest

The motivation of individuals to pursue their own welfare, benefits, or advantages, often used as a basic assumption in economics about human behavior.

Command Economy

An economic system where the government, rather than the free market, determines what goods should be produced, how much should be produced, and the price at which goods are offered for sale.

Public Interest

The welfare or well-being of the general public, often considered a guiding principle for governmental policy or action.