The Production Possibilities Frontier Model Assumes All of the Following

question 24

Multiple Choice

The production possibilities frontier model assumes all of the following, except

• A)labour, capital, land, and natural resources are fixed in quantity.
• B)the economy produces only two products.
• C)any level of the two products that the economy produces is currently possible.
• D)the level of technology is fixed and unchanging.

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Definitions:

Economic Profits

The difference between total revenue and total explicit and implicit costs.

Job Rotation

Job rotation involves periodically moving employees between different tasks or positions within an organization to broaden their skills and prevent job boredom.

Task Variety

Refers to the degree of different activities involved in a job, emphasizing the diversity of tasks and skills required.

Task Assignments

The distribution of specific duties or workloads to individuals or teams within an organization to achieve certain objectives.