An Economist Claims That Any Point Not on a Production

question 242

Multiple Choice

An economist claims that any point not on a production possibilities frontier cannot be best.What is his reasoning to support this?

• A)A point inside the frontier implies that society is not facing up to the problem of scarcity.
• B)A point inside the frontier limits growth, and growth is always a goal worth pursuing.
• C)A point inside the frontier represents inflation, and inflation is a dangerous situation.
• D)A point inside the frontier results in fewer goods, and more is always better.
• E)A point inside the frontier is inefficient and represents wasted resources.

Understand the importance of context, evidence, and methodology in drawing conclusions in psychology.

Understand the principles of probability distributions.

Apply probability functions to calculate expected values and variances.

Recognize the characteristics of different probability distributions (e.g., binomial, Poisson, hypergeometric).

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Definitions:

Person's Behaviour

The actions or reactions of an individual, often in response to external stimuli.

Archival Research

A research method involving the examination of existing records or data sets to find answers to research questions.

Effective Training

Training programs that successfully achieve their intended outcomes, improving skills or knowledge through structured and deliberate practice.

Documentation

The process or product of recording information for future reference, often involving organized data, details of transactions, or historical records.