Figure 3-4 Lisa's Production Possibilities Frontier

question 46

Multiple Choice

Figure 3-4
Lisa's Production Possibilities Frontier
Bryce's Production Possibilities Frontier
-Refer to Figure 3-4.If Bryce must work 4 months to produce each sweater,then his production possibilities frontier is based on how many months of work?

• A)4 months
• B)8 months
• C)12 months
• D)16 months

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Definitions:

Excise Tax

A tax charged on specific goods and services, such as tobacco and alcohol, often imposed to discourage their use or to generate revenue.

Sales

The exchange of a commodity for money; the action of selling something.

Quota

A limit placed on the quantity of a specific good that can be imported or exported during a given timeframe, usually to protect domestic industries.

Excise Tax

A type of tax charged on specific goods, services, and activities, often with the intention of reducing their consumption or generating revenue.