Following Is the Production Possibilities Schedule for an Economy Producing

question 25

Multiple Choice

Following is the production possibilities schedule for an economy producing two goods, Good A and Good B.Table 2.1

-Refer to Table 2.1. According to the production possibilities schedule, in the table above, which of the following statements is true?

• A)Moving from choice 2 to choice 3, the opportunity cost of producing 20 more units of good B is 20 units of good A.
• B)There are increasing opportunity costs associated with producing more units of good B.
• C)Moving from choice 3 to choice 4, the opportunity cost of producing 20 more units of good B is 30 units of good A.
• D)Moving from choice 1 to choice 2, the opportunity cost of producing 20 more units of good B is 10 units of good A.
• E)All of these statements are true.

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Definitions:

Comparative Balance Sheet

A financial statement that provides a snapshot of a company's assets, liabilities, and equity at two or more points in time for comparison.

Cash Dividends

Payments made by a corporation to its shareholders from its profits in the form of cash.

Prepaid Expenses

Costs paid for in advance of receiving the benefit of the service or product, such as insurance premiums or rent, which are recorded as assets until used.

Income Taxes Payable

The amount of income taxes a company or individual owes to the government, which has not yet been paid.