Question

From the list on your right select the letter that contains the word, phrase, name, etc that best matches the word, phrase, name, etc listed on the eft C Y Utility A a measure of the value of the forgone alternative when a choice made opportunity cost increase in available resources B. productive efficiency C. a subjective measure of satisfaction or value one obtains from consuming goods and services D specialization E has the ability to produce the good at a lower opportunity cost Fbudget constraint G deals with "what is H allocative efficiency deals with 'what should be' J. the law of increasing opportunity costs K constant opportunity cost L an outward shift of the production possbilities frontier M. has the ability to produce the good more efficiently N productive inefficiency a point within/under a production possibilities frontier producing the desirable bundle of goods and services using all than others available resources has a comparative advantage in producing a good positive economics ▼ trade outer boundary of one's opportunity set

Answer 1

Utility - (C) A subjective measure of satisfaction or value one obtains from consuming goods and services.

Opportunity cost - (A) a measure of the value of the forgone alternative when a choice made.

Increase in available resources - (L) outward shift of the PPF.

A point within or under a PPF - (N) productive inefficiency.

Producing the desirable bundle of goods and services using all available resources - (B) productive efficiency.

Has a comparative advantage in production of a good - (E) Has the ability to produce the good at a lower opportunity cost than others.

Bowed out or curved PPF - (J) the law of increasing opportunity cost.

Positive economics - (G) deals with what is.

Trade - (D) specialization.

Outer boundary of one's opportunity set - (F) Budget constraint.