A production possibilities curve that is a straight line represents the case of Group of answer  A. choices constant costs. B. constant opportunity costs but increasing real costs. C. constant opportunity costs but decreasing real costs. D. increasing Costs.

A point inside the production possibilities frontier isa. efficient but not feasible.b. feasible but not efficient.c. both efficient and feasible.d. neither efficient nor feasible

Utopia produces only two products: cheese and wine. The production levels are shown in the table below. Cheese % inputs Ø 20 48 60 80 108 output 0 60 100 130 150 160 A 0 % inputs 0 20 40 B 60 80 100 a. From this data, complete Utopia's production possibilities table below. Possibility Cheese Wine Wine с output 0 80 140 190 210 220 D b. Utopia (Click to select) c. If Utopia is at D. the total cost of 20 more cheese is d. If Utopia is at D. the total cost of 50 more wine is E produce 130 cheese and 190 wine. wine. cheese. F 0 A

The shape of the production possibilities frontier below implies that E B D Bread a. some resources are better suited for producing bread than for producing wine. b. the financial cost of producing bread is higher than the financial cost of producing wine. c. the opportunity cost of producing more bread falls as bread production rises. O d. the producer's technology is not subject to the principle of increasing cost. QUESTION 5 Opportunity cost can best be defined as the a. value of the best alternative foregone when the alternative at hand is chosen. b. cost of the resources used to produce a good or service. C. money cost of a good or service. o d. money cost plus interest on money borrowed to buy a good or service. QUESTION 6 When a firm or economy is operating inefficiently. it is operating O a. on its production possibilities frontier. b. outside it production possibilities frontier. C. at the intersection of the production possibilities frontier with the vertical axis. O d.…