A Statement That Clarifies the Meaning of a Word or Phrase

question 8

Multiple Choice

A statement that clarifies the meaning of a word or phrase is a(n) _____________.

• A)definition
• B)summary
• C)illustration
• D)statistic

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Definitions:

Production Possibilities Curve

A graphical representation showing the maximum quantity of goods and services that can be produced within a given set of resources and technology.

Efficiently

Achieving maximum productivity with minimum wasted effort or expense.

Economy's Capacity

The maximum level of output that an economy can sustain over a period of time without increasing inflation.

Bowed Outward

A description of a production possibility frontier that displays increasing opportunity costs as more of one good is produced.