-Refer to the Above Table

question 100

Multiple Choice

-Refer to the above table.For these data the law of increasing opportunity costs is reflected in the fact that:

• A) the amount of consumer goods which must be sacrificed to get more capital goods diminishes beyond a point.
• B) larger and larger amounts of capital goods must be sacrificed to get additional units of consumer goods.
• C) the production possibilities data would graph as a straight downsloping line.
• D) the economy's resources are presumed not to be scarce.

---

Definitions:

Regressive Tax

A tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases, disproportionally affecting those with lower incomes.

Represent

To stand in for or symbolize something; in data and models, to depict or embody a concept, group, or physical entity.

Diagram

A visual representation of data or concepts, often used to simplify complex information through charts, graphs, or maps.

Excise Tax

A tax levied on specific goods, services, or transactions, often included in the price of the product.