A Reason the Production Possibilities Frontier Exists Is

question 51

Multiple Choice

A reason the production possibilities frontier exists is

• A) unlimited resources and technology.
• B) scarcity of resources.
• C) scarcity of resources and unlimited technology.
• D) unemployment.
• E) that people's wants are unlimited.

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Definitions:

Fiscal Year

A one-year period used by governments and businesses for accounting purposes, which may not coincide with the calendar year.

Property Tax

A levy on property that the owner is required to pay, usually levied by local governments based on the property's assessed value.

Prepaid Property Tax

An expense that has been paid in advance for property taxes, classified as a current asset on the balance sheet until the period the tax covers has passed.

Financial Statements

Reports that summarize the financial performance, position, and cash flows of a business, including the balance sheet, income statement, and cash flow statement.