51.Which of the following statements about the production possibilities frontier is true?
I.If the PPF is bowed outward (from the origin), producing more of one product results in greater and greater opportunity costs in the output of the second product.
II.If the economy is operating at full and efficient employment, the output combinations will be on the PPF.
III.Unattainable combinations of goods are shown by points inside the PPF.
IV.Economic growth may be illustrated by shifting the PPF outward, away from the origin.
All statements are true.
Only statements I and III are true.
Only statements II, III, and IV are true.
Only statements I, II, and IV are true.
Only statement IV is true.
I.If the PPF is bowed outward (from the origin), producing more of one product results in greater and greater opportunity costs in the output of the second product.
II.If the economy is operating at full and efficient employment, the output combinations will be on the PPF.
III.Unattainable combinations of goods are shown by points inside the PPF.
IV.Economic growth may be illustrated by shifting the PPF outward, away from the origin.
All statements are true.
Only statements I and III are true.
Only statements II, III, and IV are true.
Only statements I, II, and IV are true.
Only statement IV is true.