A Nation Can Produce Two Products: Tanks and Autos

question 356

Multiple Choice

A nation can produce two products: tanks and autos. The table below is the nation's production possibilities schedule. If the nation produces more and more tanks, the opportunity cost of each additional tank in terms of autos

• A) remains constant.
• B) falls.
• C) increases.
• D) cannot be measured.

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Definitions:

Technological

Relating to or involving technology, especially in regard to its development, usage, and impact on society.

Marketing Mix

A framework consisting of the four Ps (product, price, place, and promotion) that marketers adjust to meet the needs of their target market.

Price

The sum of money anticipated, demanded, or provided as compensation for something.

Product

Any item or service offered by a business to its customers to satisfy their needs or wants.