The Production Possibilities Curve Illustrates the Basic Principle That

question 35

Multiple Choice

The production possibilities curve illustrates the basic principle that

• A)an economy's capacity to produce increases in proportion to its population size.
• B)if all the resources of an economy are in use,more of one good can be produced only if less of another good is produced.
• C)an economy will automatically seek that level of output at which all of its resources are employed.
• D)the production of more of any one good will in time require smaller and smaller sacrifices of other goods.

Grasp the role of technology in the evolution of HRM practices.

Recognize the importance of demographic, economic, social, and cultural factors in strategic HR planning.

Identify sources for staying current with HR and industry trends.

Understand competitive intelligence and its relevance in strategic planning.

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Definitions:

Standard Normal Distribution

A normal distribution with a mean of zero and a standard deviation of one, used in many statistical methods.

Z-axis

The axis in a three-dimensional coordinate system representing the depth, perpendicular to both the X-axis (horizontal) and Y-axis (vertical).

Standard Deviations

A metric indicating the extent of variability or spread in a collection of values, denoting how far away the values deviate from the average.

Standard Normal Distribution

A type of normal distribution where the mean is 0 and the standard deviation is 1, used in statistics for z-score calculations.