Below Are Some Production Possibilities Data for the Mystical Land

question 81

Multiple Choice

Below are some production possibilities data for the mystical land of Ghandor.

-What do most of the disagreements among economists involve?

• A)The appropriate goals and policies for the economy.
• B)Generalizing about facts.
• C)Gathering data.
• D)The use of statistics.
• E)The use of mathematics.

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Definitions:

Positive Economics

A branch of economics that focuses on factual and cause-and-effect relationships, avoiding value judgments about what ought to be.

Production Possibility

A concept representing the various combinations of goods and services an economy can produce, given certain resources and technology.

Linear Production

A production process where inputs are combined in fixed proportions and the output level changes linearly with changes in input levels.

Labor Hours

A measure of the amount of work effort, in hours, performed by employees within a specific time period.