An Economy Can Produce at Any Point on or Outside

question 214

True/False

An economy can produce at any point on or outside the production possibilities frontier,but it cannot produce at points inside the frontier.

---

Definitions:

Average Number

The arithmetic mean, calculated as the sum of all values in a set divided by the number of values in the set.

Event Occurs

Indicates the happening of a specific condition or outcome within a statistical experiment.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values; a low standard deviation indicates that the values are close to the mean.

Poisson Distribution

A probability distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space.