Any point within a production possibility frontier indicate _________________ combinations in the production of the two goods or services and _______________ in terms of the use of resources. Question 7Select one: a. Unattainable; efficiency b. Attainable; inefficiency c. Attainable; efficiency d. Unattainable; inefficiency

Any point within a production possibility frontier indicate ___ combinations in the production of the two goods or services and _ in terms of the use of resources. Question 7Select one: a. Unattainable; efficiency b. Attainable; inefficiency c. Attainable; efficiency d. Unattainable; inefficiency

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 3CQQ

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Any point within a production possibility frontier indicate _________________ combinations in the production of the two goods or services and _______________ in terms of the use of resources.

Question 7Select one:

Unattainable; efficiency

Attainable; inefficiency

Attainable; efficiency

Unattainable; inefficiency

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What does a production possibilities frontier illustrate?
Any point within a production possibility frontier indicate _________________ combinations in the production of the two goods or services and _______________ in terms of the use of resources. a.Unattainable; efficiency b.Attainable; inefficiency c.Attainable; efficiency d.Unattainable; inefficiency
Consider a Production Possibility Frontier that bows outward. Suppose the production of one good increases. As a result opportunity cost of producing this good will __________ because productive resources ___________________ in their suitability for producing different kinds of goods. A. increase; differ B. decrease; are the same C. increase; are the same D. decrease; differ
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PPF
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1. Production Possibilities Country X is faced with the following output combinations for capital goods and consumer goods. Capital Goods Option ABCDE 8000 16000 24000 32000 Consumer Goods 220000 200000 160000 100000 Complete parts a, b, c, and d. a. Graph the production possibilities curve for Country X with capital goods on the x-axis and consumer goods on the y-axis. b. Does the Law of Increasing Opportunity Costs hold for this example? Explain why or why not. c. As you move from point B to point C, what is the cost of one more consumer good? d. If Country X wanted to experience higher levels of economic growth over the next few years, would they be better off choosing option B (a combination of 8000 capital goods and 200,000 consumer goods) or option D (a combination of 24000 capital goods and 100,000 consumer goods)? Explain.
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Only typed answer and please answer correctly
Under which of the following circumstances a Production Possibility Curve will move to the right? a. Economic resources increased b. Both; economic resources increase and new technolgy develop New technology is developed d. None of these given options C.