Which of the Following Is an Assumption Used When Drawing

question 218

Multiple Choice

Which of the following is an assumption used when drawing a production possibilities frontier?
i.Human wants and desires are limited to what is available.
ii.Only two goods are considered.
iii.The level of technology is fixed and unchanging.

• A) i only
• B) ii only
• C) i and iii
• D) ii and iii
• E) i, ii, and iii

Recognize the benefits and necessity of trade in an economy.

Describe how individual choices and market demands interact and influence economic outcomes.

Analyze the role of government policies in changing spending patterns and improving welfare.

Comprehend the relationship between resource scarcity, choice, and opportunity cost in economic decisions.

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Definitions:

Altruism

Behavior that is aimed at helping another, requires some self-sacrifice, and is not performed for personal gain.

Conformity

Changing or adopting a behavior or an attitude in an effort to be consistent with the social norms of a group or the expectations of other people.

Compliance

Acting in accordance with the direct requests of other people.

Obedience

Behaving in accordance with the rules and commands of those in authority.