Chapter 2 The Economic Problem MULTIPLE CHOICE. Choose …

Chapter 2 The Economic ProblemTest BankMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the ) The production possibilities frontierA)refers to the technology used in such goods as computers and military )marks the boundary between attainable combinations of goods and services andunattainable ) once applied to technology but now refers to Japanese )is also called the supply )2) The production possibilities frontier is the boundary betweenA)those combinations of goods and services that can be produced and those that can )those combinations of goods and services that can be produced and those that ) those resources that are limited and those that are )those wants that are limited and those that are )3) The production possibilities frontier is the boundary between those combination of goods andservices that can beA)produced and those that can be )consumed domestically and those that can be consumed by ) consumed and those that cannot be )produced and those that cannot be )4) The production possibilities frontier isA)downward sloping and reflects tradeoffs in )downward sloping and reflects u

C)makes her production possibilities frontier flatter. D)makes her production possibilities frontier steeper. 11) 12)On the vertical axis, the production possibilities frontier shows _____; on the horizontal axis, the production possibilities frontier shows _____. A)the quantity of a good; a weighted average of resources used to produce the good

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