ECONOMICS
Multiple Choice
Multiple Choice
Society's production possibilities frontier
a.helps explain the immense complexity of the real economy
b.demonstrates that, although resources are scarce for individuals, there is no problem of scarcity for society as a whole
c.is based on unrealistic assumptions and therefore has no value as an economic tool
d.is based on simplifying assumptions, but is still useful for illustrating scarcity, opportunity cost, and economic growth
e.is based on the assumption that technology is constantly changing
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