At a Point on a Production Possibilities Curve, Opportunity Cost

question 153

Multiple Choice

At a point on a production possibilities curve, opportunity cost of more capital goods today is

• A) fewer capital goods in the future.
• B) fewer consumer goods in the future.
• C) fewer consumer goods today.
• D) more unemployed resources in the future.

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Definitions:

Perceptual Process

The perceptual process is the sequence of psychological steps that a person goes through in receiving and interpreting information from the external environment, involving sensation, attention, and interpretation.

Five Elements

In various philosophies, a model of analyzing the world through five basic constituents such as earth, water, fire, air, and ether.

Chi

A concept originating from Chinese philosophy that signifies the vital life force or energy that flows through living beings.

Familiarity

The quality of being well known or easily recognized, often resulting from being encountered frequently or studied extensively.