The Idea of Increasing Opportunity Cost Is Reflected in the

question 213

Multiple Choice

The idea of increasing opportunity cost is reflected in the

• A) bowed out shape of the production possibilities frontier.
• B) bowed in shape of the production possibilities frontier.
• C) linear shape of the production possibilities frontier.
• D) positive slope of the production possibilities frontier.
• E) fact that the PPF shows there are unattainable production points.

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Definitions:

Division of Labor

The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.

Standardized Engine

An engine design or specification that is uniformly applied across different vehicles or machinery to ensure compatibility and efficiency.

Automobile Manufacturer

A company engaged in the design, production, marketing, and selling of motor vehicles.

Protective Tariffs

Levies placed on goods brought into a country to safeguard local businesses against overseas competition by increasing the cost of foreign products.