Asked by Arianna Mendez on May 23, 2024
Verified
If resources are equally adaptable to the production of different goods,the production possibilities frontier of a country will be an upward-sloping,concave curve.
Production Possibilities Frontier
A graph that shows the combinations of two goods or services that an economy can produce, given its technological capabilities and resources.
Adaptable Resources
Resources that can be adjusted or converted to meet changing conditions or requirements within an economy or market.
- Acknowledge the gains of dedicating resources to specialization and participating in trade driven by relative advantage.
Verified Answer
LS
Lizbeth San5232May 28, 2024
Final Answer :
False
Explanation :
The production possibilities frontier (PPF) would be a straight line, indicating constant opportunity costs for producing the two goods.
Learning Objectives
- Acknowledge the gains of dedicating resources to specialization and participating in trade driven by relative advantage.
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