Examlex
Which of the following is a correct?
Slope
In mathematics and economics, slope refers to the steepness, gradient, or inclination of a line, indicating the rate of change between two variables.
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.).
Inefficient
A situation where resources are not utilized in the best possible way, leading to wasted inputs or the capability to produce more for less not being exploited.
Comparative Advantage
Situation in which Country 1 has an advantage over Country 2 in producing a good because the cost of producing the good in 1, relative to the cost of producing other goods in 1, is lower than the cost of producing the good in 2, relative to the cost of producing other goods in 2.
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