When an Economy Is Operating Inside Its Production Possibilities Frontier,we

question 171

Multiple Choice

When an economy is operating inside its production possibilities frontier,we know that

• A)there are unused resources or inefficiencies in the economy.
• B)all of the economy's resources are fully employed.
• C)economic growth would have to occur in order for the economy to move to a point on the frontier.
• D)in order to produce more of one good,the economy would have to give up some of the other good.

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Definitions:

Wilcoxon Rank Sum Test

A nonparametric statistical test used to compare two independent samples to assess whether their population mean ranks differ.

Significance Level

A measure in statistics that determines the threshold of accepting or rejecting the null hypothesis in hypothesis testing.

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The duration taken to move or transport from one location to another.

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The process of traveling between one’s home and place of work or study.