Which of the Following Statements Is False

question 111

Multiple Choice

Which of the following statements is false?

• A) Marginal analysis is an examination of the effects of additions or subtractions from a current situation.
• B) The production possibilities curve shows the maximum combination of two outputs that an economy can produce, given its available resources and technology.
• C) Technology is the body of knowledge and skills applied to how goods are produced.
• D) Economic growth is illustrated as an inward shift of the production possibilities curve.

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Definitions:

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing an action.

Tuition

The fee for instruction at a school, university, or college.

Room And Board

The combined cost of housing (room) and food/meals (board) typically for students living on a college campus.

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen, a fundamental concept in economics.