The Slope of a Country's Production Possibility Frontier Is Equal

question 11

Multiple Choice

The slope of a country's production possibility frontier is equal to ________ and the optimal production point is located where the slope is equal to ________. Assume that output of good Y is measured on the vertical axis, output of good X is measured on the horizontal axis, MPL is the marginal product of labor with a subscript indicating which good, P is the price of a good, and w is the wage rate.

• A) -PX/PY; -MPLY/MPLX;
• B) -MPLY/MPLX; -PX/PY
• C) -MPLX/MPLY; -PX/PY
• D) -MPLY/w; -MPLF/w
• E) -PX/w; -PY/w

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Definitions:

Magnetic Resonance Imaging

A medical imaging technique used to visualize detailed internal structures using powerful magnetic fields and radio waves; commonly known as MRI.

Electroencephalography

A non-invasive method to record electrical activity of the brain using electrodes placed along the scalp.

Positron Emission Tomography

A diagnostic imaging test using a radioactive substance to visualize and measure changes in metabolic processes.

Computed Tomography

A medical imaging technique that uses computer-processed combinations of multiple X-ray measurements taken from different angles to produce cross-sectional images of specific areas of a scanned object.