Point G in Exhibit 2­3 Is Efficient Because

question 93

Multiple Choice

Point g in Exhibit 2­3 is efficient because

• A)the only way to increase production of A is by decreasing production of B
• B)the economy can increase production of both A and B from point b
• C)it is impossible to move to any other point along the production possibilities frontier
• D)it is impossible to move to any other point inside the production possibilities frontier
• E)no other production possibilities frontier exists

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Definitions:

Confidence Interval

An estimated range of values derived from sample data that is likely to contain the value of an unknown population parameter, expressed at a specified level of confidence.

Standard Error

A statistical measure that quantifies the amount of variation or dispersion of a sample mean relative to the true population mean.

Sample Size

The number of observations or participants in a statistical sample.

Slope

In mathematics, it is the measure of the steepness or inclination of a line, representing the ratio of the vertical and horizontal changes between two points on the line.