The process through which an economys production possibilities curve shifts

The process through which an economys production

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168.The process through which an economy's production possibilities curve shifts outward is:a.full-employment management.c.resource renewal.b.investment.d.out-resourcing.ANS:BPTS:1DIF:EasyNAT:BUSPROG: AnalyticSTA:DISC: Productivity and growthTOP:Present Investment and the Future ProductionKEY:Bloom's: Comprehension169.The process of accumulating capital is called:170.In economics, investment refers to the process of accumulating:
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171.A nation can accelerate its economic growth by:TRUE/FALSE1.What to produce, how to produce, and for who to produce are the three fundamental economic questions.ANS: TPTS:1DIF:EasyNAT:BUSPROG: Reflective ThinkingSTA:DISC: Supply and demandTOP:Three Fundamental Economic QuestionsKEY:Bloom's: Knowledge2.Only socialist economies need to answer the What, How, and For Whomquestions.ANS:FPTS:1DIF:EasyNAT:BUSPROG: AnalyticSTA:DISC: Productivity and growthTOP:Three Fundamental Economic QuestionsKEY:Bloom's: Comprehension3.Opportunity cost is the bestalternative sacrificed for a chosen alternative.ANS: TPTS:1DIF:EasyNAT:BUSPROG: Reflective ThinkingSTA:DISC: Scarcity, tradeoffs, and opportunity costTOP:Opportunity CostKEY:Bloom's: Knowledge4.When making a rational decision which requires the consideration of costs and benefits involved, the opportunity cost of a decision is often not taken into consideration when indeed it should be.ANS:TPTS:1DIF:ChallengingNAT:BUSPROG: AnalyticSTA:DISC: Scarcity, tradeoffs, and opportunity costTOP:Opportunity CostKEY:Bloom's: Analysis5.An opportunity cost is the highest valued alternative foregone whenever one chooses an alternative.ANS:TPTS:1DIF:ModerateNAT:BUSPROG: AnalyticSTA:DISC: Scarcity, tradeoffs, and opportunity costTOP:Opportunity CostKEY:Bloom's: Knowledge6.The opportunity cost of producing a good or service is the good or service that is foregone by choosingto produce another good with the same resources in a given period of time.
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ANS:TPTS:1DIF:EasyNAT:BUSPROG: AnalyticSTA:DISC: Scarcity, tradeoffs, and opportunity costTOP:Opportunity CostKEY:Bloom's: Knowledge7.The opportunity cost of attending a movie is the purchase price of a ticket.
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