Suppose There Are Only Two Goods Produced in Our Economy-Snowplows

question 121

Multiple Choice

Suppose there are only two goods produced in our economy-snowplows and helicopters.If there is always a two-for-one tradeoff between the production of these two goods (in terms of opportunity cost) ,then the production possibilities boundary between snowplows and helicopters is

• A)a downward-sloping curve convex to the origin.
• B)circular.
• C)a downward-sloping straight line.
• D)a downward-sloping straight line with slope equal to -1.
• E)a downward-sloping curve concave to the origin.

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Definitions:

Demographic Characteristics

Statistical data relating to the population and the particular groups within it, such as age, gender, income, and education levels.

Consumer Confidence

Consumer confidence is a measure of how optimistic or pessimistic consumers are regarding their expected financial situation, significantly influencing their spending and saving behaviors.

Disposable Income

The amount of money individuals or households have available to spend or save after income taxes have been deducted.

Inflation

The pace at which the overall price level of goods and services increases, diminishing buying power.