If Production Involves Increasing Opportunity Cost, Then on the Production

question 195

Multiple Choice

If production involves increasing opportunity cost, then on the production possibilities frontier, moving to a point closer to the horizontal axis will increase the opportunity cost of

• A)the good that is shown on the horizontal axis.
• B)the good that is shown on the vertical axis.
• C)both of the goods shown on the axes.
• D)neither of the goods shown on the axes.

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Definitions:

Preoperational Stage

The second stage in Piaget's theory of cognitive development, occurring roughly between the ages of 2 and 7, characterized by symbolic thinking and egocentrism but a lack of operational thought.

Sensorimotor

Refers to the first stage in Piaget's theory of cognitive development, characterized by infants learning through physical interaction with their environment.

Concrete Operational

A stage in Piaget’s theory of cognitive development where children are able to think logically about concrete events.

Formal Operational

A stage in Jean Piaget's theory of cognitive development during which individuals develop the ability to think abstractly and systematically.