The Production Possibilities Frontier Is a Graph That Shows the Various

question 152

Multiple Choice

The production possibilities frontier is a graph that shows the various combinations of output that an economy

• A)should produce.
• B)wants to produce.
• C)can produce.
• D)demands.

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Definitions:

Standard Error

A statistic that measures the accuracy with which a sample distribution represents a population using the standard deviation of the sampling distribution.

Confidence Interval

A selection of values, based on sample results, assumed to incorporate the value of an obscure population parameter.

Mean

The average value of a data set, calculated by adding up all the numbers in the set and then dividing by the count of the numbers.

Confidence Interval

A spectrum of values, from sample measurements, that is anticipated to capture the value of a hidden population parameter.