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1. An economy's production possibilities frontier is also its consumption possibilities frontier.

a. under all circumstances

b. under no circumstances

c. when the economy is self-sufficient

d. when the rate of tradeoff between the two goods being produced is constant

2. The most obvious benefit of specialization and trade is that they allow us to

a. work more hours per week than we otherwise would be able to work.

b. consume more goods than we otherwise would be able to consume.

c. spend more money on goods that are beneficial to society and less money on goods that are harmful to society.

d. consumer more goods by forcing people in other countries to consume fewer goods

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