Do you agree with the following statements? Give reason for your answer. (a) Government is an important element of modern economies. (b) Production possibilities frontier shows the combination of two...

Do you agree with the following statements? Give reason for your answer.

(a) Government is an important element of modern economies.

(b) Production possibilities frontier shows the combination of two goods that cannot be produced.

(c) Production possibilities frontiers can shift upwards without any increase in resources.

(d) The basic economic problem, i.e., what to produce and how to produce, is the problem of only poor countries.