The Smaller the Level of Confidence,the ______ Precise the Estimate

question 34

Multiple Choice

The smaller the level of confidence,the ______ precise the estimate.

• A) more
• B) less

---

Definitions:

Ppf (Production Possibility Frontier)

A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology, when resources are fully and efficiently utilized.

Efficiently

Achieving maximum productivity with minimum wasted effort or expense.

Production Inefficiency

A situation where resources are not utilized in the best possible manner, resulting in wasted potential output.

Production Possibility Frontier

A graphical representation that shows the maximum combination of two goods or services that can be produced within a given time period, given available resources and technology.