Suppose You Are Studying a Production Possibilities Frontier (PPF)that Has

question 66

Multiple Choice

Suppose you are studying a production possibilities frontier (PPF) that has a bowed-out shape relative to the origin.What causes this shape?

• A) economic growth
• B) the law of increasing relative cost
• C) absolute advantage
• D) normative economics
• E) more resources

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Definitions:

Merchandise Management

It involves the planning and control of the purchasing, handling, storage, and sale of goods in a retail setting to maximize profits.

Cash Registers

Electronic or mechanical devices used to calculate and record sales transactions, and to store cash for daily business operations.

Internal Control

Methods and protocols established by an enterprise to protect the veracity of its financial and accounting reports, support ethical conduct, and prevent malfeasance.

Electronic Funds Transfer

Electronic Funds Transfer (EFT) is the digital transfer of money from one bank account to another, either within the same financial institution or across different institutions.