Combinations of goods on the production possibilities curveO can be produced using currently available resources and technology.O are unattainable given society's technology and resources.O can be possible based on the wills of workers.will mcct society's needs but not its wants,

Correct : can be produced using currently available resources and technology.

Answered: Combinations of goods on the production…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 7P

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Similar questions

Which one of the following concepts is illustrated by a production possibilities frontier? Select one: A. monetary exchange B. consumption C. profit D. investment O E. the tradeoff between producing one good versus another
which one of the following is true about the production possibilities frontier (ppf) o a. the information is perfect o b. large number of buyers and sellers o c. free entry and exit o d. government interference in economic activities
The possible combinations of two goods that can be produced in a certain period of time under certain conditions of technology and fully employed resources: O a. Scarcity O b. Central problem O C. Opportunity Cost O d. Production possibility
Which economic model reveals the variety of options for what to do with your scarce time? Supply curve Demand curve O Income distribution curve O Production possibilities curve
Based on the production possibility curve represented below, calculate the opportunity cost of moving from combination A to B. 700 Production Possibility Frontier A 6000 500 Health Care 400 300 200 100 OD E B C 050 100 150 200 250 300 Travel O A. 200 healthcare services OB 175 traveling services OC. 200 traveling services OD 75 healthcare services
A point inside a production possibilities frontier OA. is unattainable. B. indicates that some resources are unemployed. OC. implies that too much capital and not enough labor is being used. O D. is more efficient than points on the production possibilities frontier.
Identify the TRUE statement that describes capitalism, command or mixed economies. a. Scarcity of resources are only found in some economies in the world O b. Economic system resolves central problems of an economy Production possibilities does not solve the problem of what to produce O d. All of these
The diagram below shows a society's production possibility frontier for coffee mugs and calculators. Use this information to answer this question. The opportunity cost of producing an additional coffee mug would be lowest at: Calculators O O A. D OB. A OCB ODC D O A Coffee mugs OC B
What is opportunity cost and what is its significance. In my homework .
Which of the following is not illustrated by a production possibility frontier (PPF)? Select one: a. the equilibrium price b. scarcity O c. productive efficiency d. necessity for choice e. opportunity cost
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.…
Why does eveything we do have it's opportunity cost.

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Combinations of goods on the production possibilities curve O can be produced using currently available resources and technology. are unattainable given society's technology and resources. can be possible based on the wills of workers. O will meet society's needs but not its wants.