According to the Production Possibilities Model, If More Resources Are

question 191

Multiple Choice

According to the production possibilities model, if more resources are allocated to the production of physical and human capital, then which of the following is likely to happen?

• A)Fewer goods will be produced for consumption today.
• B)The production possibilities frontier will shift inward in the future.
• C)Future economic growth will decline.
• D)The country's total production will fall.

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Definitions:

Contingency Table

A table often used in statistics to display frequencies for two or more categorical variables in a tabular form.

Qualitative Variables

Variables that describe or categorize attributes or qualities, not numbers.

Multinomial Experiment

An experiment or process that has more than two possible outcomes, where each outcome has a fixed probability of occurring.

Contingency Table

A table used in statistics to show the frequency distribution of variables, helping to analyze the relationship between two categorical variables.