Figure 2-14 Consider the Production Possibilities Curve for a Country

question 126

Multiple Choice

Figure 2-14 Consider the production possibilities curve for a country that can produce sweaters,apples (in bushels) ,or a combination of the two
-Refer to Figure 2-14.If this society is producing at point T,

• A)there is unemployment.
• B)production is efficient.
• C)growth can only be achieved through an advancement in technology.
• D)the opportunity cost of producing one more sweater is approximately 40 bushels of apples.

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Definitions:

Radical Product Innovation

The creation of products with groundbreaking technologies or novel features that significantly differentiate them from existing products.

National Policy

A course of action adopted and pursued by a government to guide decisions and achieve rational outcomes at the country level.

Dominant Cultural Patterns

The prevalent norms, values, and behaviors that characterize a society or organization and influence its members.

Emerging Innovations

New and novel ideas, practices, or products that are in the process of being developed and have potential to change current standards.