Refer to the Figure Shown,which Represents the Production Possibilities Frontiers

question 12

Multiple Choice

Refer to the figure shown,which represents the production possibilities frontiers for Countries A and B.One of the reasons why Country A and Country B are not realistic representations of actual countries is:

• A)the production possibilities curves are straight lines; realistic ones would be concave.
• B)they only represent the production of two goods.
• C)they only represent two countries.
• D)All of these statements are true.

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Definitions:

Net Earnings

Take-home pay, calculated by subtracting total deductions from gross earnings.

Tax Liability

The total amount of tax that an individual or entity is legally obligated to pay to a tax authority.

Weekly Salary

The total amount of money earned by an employee for work done in a single week.

Fourth Of July

A holiday in the United States commemorating the adoption of the Declaration of Independence on July 4, 1776.