Economy: Production possibilities frontier Multiple answers can be chosen Which

Question

Economy: Production possibilities frontier

Multiple answers can be chosen

Which of the following are true for the points along the production possibilities frontier (PPF)? The PPF demonstrates the maximum that can be produced with a given set of resources. The PPF demonstrates the maximum that can be consumed with a given set of resources and no outside trade. The PPF demonstrates the maximum consumption possibilites when trade is allowed. The PPF demonstrates the production possibilities given various resource levels.

Explanation / Answer

First statement is true.

PPF demonstrates the maximum possible production with a given set of resources.

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