The Slope of the Linear Production Possibilities Curve Before Trade

question 19

Multiple Choice

The slope of the linear production possibilities curve before trade is determined by the

• A)available quantity of labor in the country divided by the average labor productivity.
• B)average labor productivity divided by the average wage.
• C)average labor productivity.
• D)opportunity cost of production.
• E)available quantity of labor in the country.

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Definitions:

Psychologically

Pertaining to the mind or mental processes and how they influence behavior and well-being.

Vroom-Yetton-Jago

A decision-making model that helps leaders or managers to choose the most appropriate leadership style based on the situation and variables involved.

Normative Decision Model

A framework that outlines how to choose the best decision-making process based on the situation, including considerations of leadership style and team involvement.

Utility

In economics, it refers to the total satisfaction received from consuming a good or service, measured to understand consumer choices and preferences.