The Production Possibility Curve Is Bowed Outward from the Origin

question 51

Multiple Choice

The production possibility curve is bowed outward from the origin because of:

• A) the law of increasing opportunity costs.
• B) the finite nature of the resource base.
• C) inefficiency.
• D) an improper output mix.

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Definitions:

Olfaction

The sense of smell, a chemical sensing system that allows the detection and identification of odors in the environment.

Vision Perceiving

The ability to interpret and make sense of visual stimuli in the environment through the process of sight.

Kinesthetic

Kinesthetic relates to the perception of body movements and position, often referred to as muscle memory or the sense of body awareness.

Gustation

The sense of taste, one of the five traditional senses, which perceives and differentiates flavors.