Production boundary excludes: a. Own account production b. Goods produced in a country for sale to another country c. Personal produce for household consumption only d. Goods sold by supermarkets

Answered: Production boundary excludes:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Production boundary excludes:

Own account production

Goods produced in a country for sale to another country

Personal produce for household consumption only

Goods sold by supermarkets

Expert Solution

Step 1: Introduce the concept of production boundary.

The production boundary is the line that separates economic production from non-economic activity. It includes the production of all goods and services that are intended to be sold on the market, as well as the production of goods and services for own use by producers.

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