On the Vertical Axis, the Production Possibilities Frontier Shows ;

question 461

Multiple Choice

On the vertical axis, the production possibilities frontier shows ; on the horizontal axis, the production possibilities frontier shows .

• A) the quantity of a good; a weighted average of resources used to produce the good
• B) the quantity of one good; the quantity of another good
• C) the quantity of a good; the number of workers employed to produce the good
• D) the quantity of a good; the price of the good

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Definitions:

Capitalism

An economic system characterized by private or corporate ownership of goods and services, where investment and the production, distribution, and prices of goods are determined mainly by competition in a free market.

G.W.F. Hegel

A German philosopher best known for his contributions to German idealism, particularly his concepts of the absolute, the dialectic process, and the historical development of consciousness.

Proletariat

The working-class people or those without access to the means of production, who sell their labor to live, according to Marxist theory.

Class-in-itself

A concept that describes a group of people who share the same economic position but are not yet aware of their shared interests.