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QUESTION 6 A country operating outside of the production possibilities frontier is: O operating efficiently. O...
If an economy is operating inside its production possibilities frontier: A) it is producing efficiently. The...
If an economy is operating inside its production possibilities frontier: A) it is producing efficiently. The economy cannot produce more of one good without simultaneously reducing the output of another good. B) is producing inefficiently. If production was arranged more efficiently the economy can produce more on one good without sacrificing any production of another good. C) it is producing at an unattainable point. You cannot be inside the Production Possibilities Frontier. D) then opportunity cost approaches infinity. No economy...
Question 3 Points inside the Production Possibilities Frontier are attainable O associated with some unemployment. both...
Question 3 Points inside the Production Possibilities Frontier are attainable O associated with some unemployment. both attainable and unattainable. unattainable.
If the economy is currently producing at a point inside its Production Possibilities Frontier O alternate...
If the economy is currently producing at a point inside its Production Possibilities Frontier O alternate products must be sacrificed in order for production to increase. O technology must improve in order for production to increase. O human capital must improve in order to production to increase. O more resources must be discovered in order for production to increase. O production can increase if resources are used more efficiently.
Economic growth (shifting of the production possibilities frontier) can occur (pick all the correct answers) -...
Economic growth (shifting of the production possibilities frontier) can occur (pick all the correct answers) - by improving the level of technology and skills in th economy - by increasing prices in the economy - by using resources efficiently - increasing the amount of resources (ex labor) in the economy
The production possibilities frontier A. is a model that assumes there is no scarcity and no...
The production possibilities frontier A. is a model that assumes there is no scarcity and no opportunity cost. B. depicts the boundary between those combinations of goods and services that can be produced and those that cannot given resources and the current state of technology. C. shows how many goods and services are consumed by each person in a country. D. is a graph with price on the vertical axis and income on the horizontal axis.
- 50 days 45/9 Question 40 Below is the production possibilities frontier for Taiwan. It shows...
- 50 days 45/9 Question 40 Below is the production possibilities frontier for Taiwan. It shows that Taiwan is able to produce either 80 tons of caviar or 20 batches of potatoes using all of its available resources. Also suppose that Talwan decides to produce at point A: 40 tons of caviar and 10 batches of potatoes If Taiwan engages in international trade and trades 20 tons of caviar for 11 batches of potatoes with another country, it will be...
QUESTION 9 When a country a produces on its production possibilities frontier involving two goods, then...
QUESTION 9 When a country a produces on its production possibilities frontier involving two goods, then trade with other countries can be beneficial if it specializes in the production of the good in which it has a comparative disadvantage True False
According to the graph of the production possibilities frontier, what is the opportunity cost of the...
According to the graph of the production possibilities frontier, what is the opportunity cost of the third widget? Consider the graph 10 O about 6 widgets O about 3 gizmos O about 7.5 widgets O about 0.5 gizmos 0 1 2 3. 4 5 6 7 8 9 10 Widgets What best explains the shape of the production possibility frontier in the graph? O This economy has the capacity to produce different combinations of widgets and gizmos O Some resources...
The figure above shows a production possibilities frontier (PPF) for a society that makes two goods-pizza...
The figure above shows a production possibilities frontier (PPF) for a society that makes two goods-pizza and wings. For each point in the figure, select the correct button below to show whether the point represents an efficient use of resources, an inefficient use of resources, or is unattainable. Point A: Point B: Point C: Point D: Point F:
46) A shift outwards of the nation's production possibilities frontier can occur due to: 46) A)...
46) A shift outwards of the nation's production possibilities frontier can occur due to: 46) A) a change in the amounts of one good desired. B) an increase in the labor force C) a natural disaster like a hurricane or bad earthquake D) a reduction in unemployment. 48) If a nation's production possibilities frontier moves outward, this represents: A) economic growth. B) an impossible situation. C) rising prices of the two goods on the production possibilities frontier model. D) a...
If an economy is operating inside its production possibilities frontier: A) it is producing efficiently. The economy cannot produce more of one good without simultaneously reducing the output of another good. B) is producing inefficiently. If production was arranged more efficiently the economy can produce more on one good without sacrificing any production of another good. C) it is producing at an unattainable point. You cannot be inside the Production Possibilities Frontier. D) then opportunity cost approaches infinity. No economy...
Question 3 Points inside the Production Possibilities Frontier are attainable O associated with some unemployment. both attainable and unattainable. unattainable.
If the economy is currently producing at a point inside its Production Possibilities Frontier O alternate products must be sacrificed in order for production to increase. O technology must improve in order for production to increase. O human capital must improve in order to production to increase. O more resources must be discovered in order for production to increase. O production can increase if resources are used more efficiently.
- 50 days 45/9 Question 40 Below is the production possibilities frontier for Taiwan. It shows that Taiwan is able to produce either 80 tons of caviar or 20 batches of potatoes using all of its available resources. Also suppose that Talwan decides to produce at point A: 40 tons of caviar and 10 batches of potatoes If Taiwan engages in international trade and trades 20 tons of caviar for 11 batches of potatoes with another country, it will be...
QUESTION 9 When a country a produces on its production possibilities frontier involving two goods, then trade with other countries can be beneficial if it specializes in the production of the good in which it has a comparative disadvantage True False
According to the graph of the production possibilities frontier, what is the opportunity cost of the third widget? Consider the graph 10 O about 6 widgets O about 3 gizmos O about 7.5 widgets O about 0.5 gizmos 0 1 2 3. 4 5 6 7 8 9 10 Widgets What best explains the shape of the production possibility frontier in the graph? O This economy has the capacity to produce different combinations of widgets and gizmos O Some resources...
The figure above shows a production possibilities frontier (PPF) for a society that makes two goods-pizza and wings. For each point in the figure, select the correct button below to show whether the point represents an efficient use of resources, an inefficient use of resources, or is unattainable. Point A: Point B: Point C: Point D: Point F:
46) A shift outwards of the nation's production possibilities frontier can occur due to: 46) A) a change in the amounts of one good desired. B) an increase in the labor force C) a natural disaster like a hurricane or bad earthquake D) a reduction in unemployment. 48) If a nation's production possibilities frontier moves outward, this represents: A) economic growth. B) an impossible situation. C) rising prices of the two goods on the production possibilities frontier model. D) a...
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