Technological Change Is Represented on a Macro Production Possibilities Frontier

question 222

True/False

Technological change is represented on a macro production possibilities frontier (PPF) by a movement from a point inside the PPF to a point on the PPF.

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Definitions:

Performance Bond

A bond issued by a bank or insurance company that guarantees satisfactory completion of a project by a contractor, mitigating risk for the project owner.

Indemnified

means being protected or secured against financial loss or other liabilities, often through insurance or contractual agreement.

Specifications

Detailed and precise descriptions of the requirements for materials, products, or services, including technical details, standards, and quality criteria.

Identical Bids

Offers made during a procurement process where two or more suppliers propose the same terms and price for goods or services.