Figure 2-4 30 45 40 35 30. 25 20- 15 10 31 lamps 10 20 30 40 50 60 70 80 metrpads 5. Refer to Figure 2-4. If we move from point Z to point Y, we can say that the opportunity cost of a. 20 lamps is 50 notepands b. 10 notepads is 10 lamps c. 10 lamps is 10 notepads d. None of the above 6. Refer to Figure 2-4. If this economy devotes all of its resources to the production of notepads, then it will produce a. 35 notepads and 20 lamps. b. 70 notepads and 0 lamps. c. 0 notepads and 40 lamps. d. 70 notepads and 40 lamps. 7. Refer to Figure 2-4. It is possible for this economy to produce a. 40 notepads and 20 lamps. b. 50 notepads and 30 lamps. c. 70 notepads and 40 lamps. d. All of the above. Y, Z C. V, W d. V 3. Refer to Figure 2-4. Inefficient production is represented by which point(s)? a. W b. When a society cannot produce all the goods and services people wish to have, it is said that the economy experiencing a. scarcity. b. inequalities. c. inefficiencies. d. surpluses.

Figure 2-4 30 45 40 35 30. 25 20- 15 10 31 lamps 10 20 30 40 50 60 70 80 metrpads 5. Refer to Figure 2-4. If we move from point Z to point Y, we can say that the opportunity cost of a. 20 lamps is 50 notepands b. 10 notepads is 10 lamps c. 10 lamps is 10 notepads d. None of the above 6. Refer to Figure 2-4. If this economy devotes all of its resources to the production of notepads, then it will produce a. 35 notepads and 20 lamps. b. 70 notepads and 0 lamps. c. 0 notepads and 40 lamps. d. 70 notepads and 40 lamps. 7. Refer to Figure 2-4. It is possible for this economy to produce a. 40 notepads and 20 lamps. b. 50 notepads and 30 lamps. c. 70 notepads and 40 lamps. d. All of the above. Y, Z C. V, W d. V 3. Refer to Figure 2-4. Inefficient production is represented by which point(s)? a. W b. When a society cannot produce all the goods and services people wish to have, it is said that the economy experiencing a. scarcity. b. inequalities. c. inefficiencies. d. surpluses.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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