In the Context of the Production Possibilities Frontier, Opportunity Cost

question 117

Multiple Choice

In the context of the production possibilities frontier, opportunity cost can be measured by the

• A) ratio of the amounts of the two goods being produced.
• B) slope of the frontier.
• C) ratio of the costs of the two goods being produced.
• D) amount of labor needed to produce the goods and services.

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Definitions:

Disagreements

Situations where individuals or groups have divergent views, opinions, or choices about a particular matter.

Approach a Task

The method or strategy employed by an individual or group to tackle and complete a specific job or responsibility.

Prediscussion Polling

A technique where individuals in a group provide their opinions or vote on a matter before group discussion begins, which can influence the direction and dynamics of the discussion.

Common Information Effect

This refers to the tendency for group members to spend more time and energy discussing information that all members are already familiar with, rather than focusing on unique information held by individual members.