Which of the Following Is One of the Simplifying Assumptions

question 44

Multiple Choice

Which of the following is one of the simplifying assumptions made in constructing a production possibilities curve?

• A) The state of technology is constantly changing.
• B) A wide variety of products are produced.
• C) Resources are fully employed and are used in least-cost methods of production.
• D) Quantities of available resources in the economy vary as we move from one point on the curve to another.

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Definitions:

Geographical Separation

The physical distance between people or places, often impacting relationships, communication, and social dynamics.

Chronosystem

is a concept in ecological systems theory representing the dimension of time, including life transitions, events, and historical contexts that impact development.

Historical Generation

A group of people strongly influenced by a major historical event during their formative period.

Nonnormative Life Events

Unusual occurrences that have a significant impact on an individual's life but do not follow a predictable timing in the lifespan.