One Likely Consequence of the Diminishing Arctic Ice Cap Is

question 69

Multiple Choice

One likely consequence of the diminishing Arctic ice cap is ________.

• A) less war
• B) more affordable utility rates for lesser-developed nations
• C) an increase in regional tourism
• D) the creation of the Northwest Passage

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Definitions:

Production Possibilities

A theoretical model depicting the various combinations of goods and services an economy can produce, given its available resources and technology.

Capital Goods

Capital goods are tangible assets such as buildings, machinery, and equipment that a business uses to produce goods or services.

Marginal Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen, especially in the context of resource allocation.

Production Possibilities Schedule

A table that shows the different combinations of two goods that can be produced with fixed resources and technology.