Following Is the Production Possibilities Schedule for an Economy Producing

question 32

Multiple Choice

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

-Consider a nation with an endowment of iron ore and petroleum. If the nation specializes in the production of aluminum and gasoline instead of steel we can say that it is operating:

• A)on its production possibilities curve.
• B)outside its production possibilities curve.
• C)inside its production possibilities curve.
• D)on the highest achievable production possibilities curve.
• E)on the lowest production possibilities curve.

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