WGU C719 - Macroeconomics | 90 Questions with 100% Correct Answers | Verified | Latest Update | 22 Pages

According to the production possibilities curve model, as you increase the production of one good, what will happen to the sacrifices of the alternate good? - They will steadily increase A farmer fully utilizes his resources to produce cauliflower and kale. As the farmer produces more cauliflower, he has fewer resources available to produce kale. Which curve is illustrated in this scenario? - Production possibilities curve What are the main foci of economics - Consumption, production, and use of scarce resources Study the two-sector circular-flow diagram. Classify each statement as either a flow of resources or a flow of dollars. Household provide productive resources to firms - Flow of resources Study the two-sector circular-flow diagram. Classify each statement as either a flow of resources or a flow of dollars. Households buy consumer products from firms - Flow of dollars