If it is possible to rearrange the use of resources in the economy and get more...
If it is possible to rearrange the use of resources in the economy and get more output, then the economy must have been:
-operating outside the production possibilities frontier
- operating on the production possibilities frontier
- operating inside the production possibilities frontier
- operating at a corner point on the production possibilities frontier
Homework Answers
When there is the possibility to rearrange the resources to achieve more output then the resources are not being utilized fully or in the best possible manner or efficiently. So the economy has been operating without using the resources in the best possible way. This means the economy has not attained the highest efficiency level of production which indicates the economy has not reached the production possibility frontiers. So the answer is the economy must have been, "operating inside the production possibilities frontier"
Add Answer to:
If it is possible to rearrange the use of resources in the economy and get more...
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...
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.
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1....
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1. Production possibilities frontiers are typically concave (bowed out) from the origin because of the law of supply b. a. there is usually a one-for-one trade-off in resources used in production economies of scale enable firms to reduce the average costs of production as output rises d. c. the opportunity cost of a good rises as the quantity of the good produced increases e. resources...
Suppose that a politician wants to build more production facilities for solar power and wind power....
Suppose that a politician wants to build more production facilities for solar power and wind power. At the same time, the politician is unwilling to cut any other programs. If the resources that would be used to produce the solar and wind power facilities are already being efficiently used in other programs, where is the point the politician is trying to reach located on the production possibilities frontier? a point on the original frontier a point inside the frontier a...
1. Which of the following would be considered more closely related to macroeconomics? A) a firm...
1. Which of the following would be considered more closely related to macroeconomics? A) a firm deciding how many workers to hire. B) a household deciding how much to spend on groceries. C) a government economist forecasting the unemployment rate. D) a business trying to decide how much outuput to produce. - 2. Which of the following is an example of using the scientific method with a natural experiment? A) Measuring how long it takes a marble to fall from...
True-False-NotGiven and please Explain why. Thank you very much Economic resources are classified into one of...
True-False-NotGiven and please Explain why. Thank you very much Economic resources are classified into one of four categories: land, labor, capital, and machinery. A society that is operating at a point outside its production possibilities frontier is using its economic resources inefficiently. The American economy is referred to as a centrally planned economy because the federal government makes most of the economic decisions. A decrease in the price of a good will cause the demand curve for that good to...
Consider two points on the production possibilities frontier point X, at which there are 100 cars...
Consider two points on the production possibilities frontier point X, at which there are 100 cars and 78 trucks, an point Y, at which there are 90 cars and 70 trucks. If the economy is currently at point X the opportunity cost of moving to point Y is? a. 12 cars. b. I trucks. c. 10 cars. d. 79 trucks. e, none of the above. 12. The production possibilities frontier represents the possible combinations of two goods that an economy...
Table 2.1 Production Possibilities Frontier for the United States Combination A B C D E F...
Table 2.1 Production Possibilities Frontier for the United States Combination A B C D E F G Vaccine doses (millions) Guns 10,000 19,000 24,000 28,000 30,000 31,000 17. According to the information in Table 2.1, what is the opportunity cost of producing the first one million vaccines? (a) 1,000 guns (b) 30,000 guns (e) 31,000 guns (d) one million vaccines (e) five million vaccines 19. In Table 2.1, opportunity costs (a) Increase as more vaccines are produced (b) A reconstanta...
We measure the marginal ________ of a good by what a ________ for another unit of...
We measure the marginal ________ of a good by what a ________ for another unit of the good. cost; person is willing to pay cost; person's preferences are benefit; person must pay benefit; person is willing to pay Each point on the production possibilities frontier achieves allocative efficiency. True False If a country must decrease current consumption to increase the amount of capital goods it produces today, then it must be producing outside the production possibilities frontier and will continue...
41. A maximized social surplus in an economy means that ________. a. the sum of consumer...
41. A maximized social surplus in an economy means that ________. a. the sum of consumer and producer surpluses have the largest possible value b. there is an even distribution of income among the people in that economy c. each of the consumer surplus, and the producer surplus have their largest possible values d. it is possible to make some people better off without making any other person worse off 42. The following figure depicts a nonlinear production possibilities curve....
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...
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.
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1. Production possibilities frontiers are typically concave (bowed out) from the origin because of the law of supply b. a. there is usually a one-for-one trade-off in resources used in production economies of scale enable firms to reduce the average costs of production as output rises d. c. the opportunity cost of a good rises as the quantity of the good produced increases e. resources...
Consider two points on the production possibilities frontier point X, at which there are 100 cars and 78 trucks, an point Y, at which there are 90 cars and 70 trucks. If the economy is currently at point X the opportunity cost of moving to point Y is? a. 12 cars. b. I trucks. c. 10 cars. d. 79 trucks. e, none of the above. 12. The production possibilities frontier represents the possible combinations of two goods that an economy...
Table 2.1 Production Possibilities Frontier for the United States Combination A B C D E F G Vaccine doses (millions) Guns 10,000 19,000 24,000 28,000 30,000 31,000 17. According to the information in Table 2.1, what is the opportunity cost of producing the first one million vaccines? (a) 1,000 guns (b) 30,000 guns (e) 31,000 guns (d) one million vaccines (e) five million vaccines 19. In Table 2.1, opportunity costs (a) Increase as more vaccines are produced (b) A reconstanta...
Most questions answered within 3 hours.
-
1. (15%) Describe the difference between a pull (Kanban), push
and CONWIP production systems.
asked 1 minute ago -
How does a linear regression allow you to better estimate
trends, costs, and other factors in...
asked 5 minutes ago -
QUESTION 5
The total area under the Z distribution curve is equal to:
a.
10
b....
asked 10 minutes ago -
Using Python
The variables x and y refer to numbers. Write a code segment
that prompts...
asked 24 minutes ago -
If
the coefficient of static friction between a box and the floor is
0.35 with what...
asked 27 minutes ago -
A die is designed to punch holes with a radius of 1.08 10-2 m in
a...
asked 32 minutes ago -
government can increase import through
a. export subsidies
b. tax breaks
c. increase import tax
d....
asked 32 minutes ago -
Draw the following in the proper skeletal structure or line
angle formula.
5,6,6-tribromo-3,8-dicyclopropyl-7-isopentyldodecane
asked 37 minutes ago -
Two blocks of masses m1 and m2 hang at the ends of a string that
passes...
asked 38 minutes ago -
Linear programming is an excellent technique yet is not applied
nearly enough in the “real world.”...
asked 47 minutes ago -
What three alkenes yield 3-methylpentane on catalytic
hydrogenation?
asked 47 minutes ago -
In JAVA Create a program with an array with the following
data:
50 12 31 76...
asked 49 minutes ago