The Absolute Value of the Slope of the Production Possibility

question 260

Multiple Choice

The absolute value of the slope of the production possibility frontier at any point:

• A)gives the autarky price of the good on the vertical axis.
• B)is found by dividing the horizontal change by a vertical change.
• C)gives the quantity of the good on the vertical axis that must be given up to produce an additional unit of the good on the horizontal axis.
• D)gives the autarky price of the good on the horizontal axis relative to the autarky price of the good on the vertical axis.

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Definitions:

Lower-order Needs

Basic human needs in Maslow’s hierarchy, such as physiological and safety needs, which must be satisfied before higher-order needs can be pursued.

Maslow's Hierarchy of Needs Theory

A psychological theory that categorizes human needs into a five-level pyramid, starting from basic physiological needs to self-actualization.

Higher-order Needs

Psychological needs that are associated with personal achievement, self-respect, and the recognition and respect of others.

Practical Managerial Questions

Real-world, applied queries that managers address to solve operational problems and improve organizational performance.