An Economy's Production Possibilities Frontier

question 71

Multiple Choice

An economy's production possibilities frontier:

• A)helps explain the immense complexity of the real economy.
• B)demonstrates that,although resources are scarce for individuals,there is no problem of scarcity for society as a whole.
• C)is based on unrealistic assumptions and therefore has no value as an economic tool.
• D)is based on simplifying assumptions,but is still useful for illustrating scarcity,opportunity cost,and economic growth.
• E)is based on the assumption that technology is constantly changing.

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Definitions:

Strategic Initiatives

Broadly, these are critical plans or actions that are designed to achieve major goals or overalls in an organization's strategy.

Marketing Executives

Professionals responsible for developing and overseeing marketing strategies to promote products, services, or brands.

Innovation

The creation, development, and implementation of new products, services, or processes that improve efficiency, effectiveness, or competitive advantage.

Product-Development

The process of bringing a new product or service to market, involving idea generation, design, development, and testing.