8. It is possible for an economy to increase its production of both goods if the economy a moves in either direction along its production possibilities frontier and the frontier is a straight line. b. moves downward and to the right along its production possibilities frontier and the frontier is bowed outward. c. moves from a situation of inefficient production to a situation of efficient production. d. moves upward and to the left along its production possibilities frontier and the frontier is bowed outward. 9. Trade between countries tends to a reduce competition and increase specialization. b. increase competition and reduce specialization. c. increase both competition and specialization. d. reduce both competition and specialization.

8. It is possible for an economy to increase its production of both goods if the economy a moves in either direction along its production possibilities frontier and the frontier is a straight line. b. moves downward and to the right along its production possibilities frontier and the frontier is bowed outward. c. moves from a situation of inefficient production to a situation of efficient production. d. moves upward and to the left along its production possibilities frontier and the frontier is bowed outward. 9. Trade between countries tends to a reduce competition and increase specialization. b. increase competition and reduce specialization. c. increase both competition and specialization. d. reduce both competition and specialization.

Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781305971509

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 7PA

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