At full employment and with efficient use of all resources, a society produces a) somewhere outside its PPF. O b) on its PPF. Oc) only one good. Od) somewhere within its production possibilities frontier (PPF). O e) at the origin on its PPF graph.
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- Questiono On the PPF below, point D is most likely: Production Possibilities Frontier (PPF) Production of Pizza B O neither productively or allocatively efficient O productively efficient, but not allocatively efficient O both productively and allocatively efficient O allocatively efficient, but not productively efficient E с Production of SugarSMARTPHONES (Millions) 40 20 0 PPF 0 40 60 CORN (Millions of bushels) Which of the following is true regarding this economic model? O In order to construct such a model, an economist would need real life data regarding countries that produce only two goods. O The fact that there are only two goods produced in this theoretical economy, when, in reality, economies produce many more types of goods, means this model is generally useless. O This PPF is not an economic model. O The fact that there are only two goods produced in this theoretical economy is a simplifying assumption that still allows economists to demonstrate key economic concepts. 20 80 100The figure shows an economy's production possibilities frontier and identifies some production points. ....I Which points are efficient? O A. Points F and G only O B. Points A, B, C, F, and G O C. Points D and E only O D. Points A, B, C, D, and E O E. Points A, B, and C only
- The shape of the production possibilities curve usually has a concave-shape. What does say about the factors of production when the production possibilities curse is a straight line? O diminishing return between the production of featured goods no diminishing return between the production of featured goods O increasing return between the production of featured goods O the factors of production are incapatableWhich of the following scenarios might explain what an economy would be operating inside its production possibilities curve? Select one: O a. Because damage to natural resources, such as might be caused by deforestation leading to erosion of topsoil, has shrunk the land resource O b. Because of discrimination against employing workers of a certain race or gender O . Because shrinking population has reduced the number of productive workers in the economy O d. Because technological innovations have increased the productivity of labour and capitalQuestion 3 Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. [State all that applies.] Select one or more: attainable unattainable efficient inefficient
- In a microeconomic model, how would you differentiate between an 'exogenous' variable and an 'endogenous' variable? O Endogenous variables are those determined within the model, while exogenous variables are given from outside the model. O Exogenous variables are those which economists do not study, while endogenous variables are heavily studied. O Exogenous variables are variables that economists cannot measure, while endogenous variables are measurable. Exogenous variables cannot influence endogenous variables in any economic model. O More than one of the above.140 120 100 20 PPP 10 20 30 40 50 60 70 80 90 100 Quantity of rubber hoses (Figure: Figure: Rubberland's Production Possibilities) Rubberland only makes two products, rubber band balls and rubber hoses, and on a given day can produce according to the lighter PPF curve in the graph. Point A on the lighter PPF curve represents the combination of the two goods Rubberland currently produces. When a new method of rubber processing is discovered, the PPF shifts to the right, the darker PPF curve. Assume that Rubberland does not make more rubber hoses than they originally made at point A but still maximize their productive capabilities. How many more rubber hand balls do they now produce per day than before? O 59 O 30 O 20 Q 39 Quantity of rubber hnd hallsWhich of the following scenarios might explain what an economy would be operating inside its production possibilities curve? Select one: O a. Because damage to natural resources, such as might be caused by deforestation leading to erosion of topsoil, has shrunk the land resource O b. Because of discrimination against employing workers of a certain race or gender O c. Because technological innovations have increased the productivity of labour and capital O d. Because shrinking population has reduced the number of productive workers in the economy Next page IMG_7969.jpeg
- 18Adjust the production possibilities frontier (PPF) to show the economy's new production possibilities after the deterioration of infrastructure. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. QUANTITY OF CARS (Millions) 24 16 0 0 O 5 OO PPF 10 QUANTITY OF COMPUTERS (Millions) 15 Suppose society faces a broad tradeoff between allocating resources to the production of investment goods (computers) and consumption goods (cars) before the deterioration of infrastructure described above. PPF Which of the following events would be most likely to lead to the deterioration of infrastructure you just illustrated? Increasing production of investment goods and decreasing production of consumption goods Decreasing production of investment and consumption goods Increasing…If Korea is currently producing at efficiency, and it proceeds to increase the production of missiles, then, as long as nothing else changes, its: O A. Production-possibilities curve will shift outward. O B. Production-possibilities curve will shift inward. O c. Production of non-military goods will increase. O D. Production of non-military goods (civilian goods) will decrease.