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:

Cultural Capital

The non-financial social assets that promote social mobility beyond economic means, such as education, intellect, style of speech, and dress.

Finishing School

An educational institution focused on teaching social graces, etiquette, and cultural norms, traditionally aimed at young women.

Low-income Cutoff

A threshold used to identify individuals or families who devote a significantly higher portion of their income to basic necessities than the average household.

Size of Community

Refers to the physical dimensions or population numbers characterizing a community, which can influence its social dynamics, resources, and cohesion.