Homework Help is Here – Start Your Trial Now!
Business
Economics
Food production increased by 5%, while the production of tables remained unchanged. Unemployment is currently at 24,5% and the manufactures of the tables and food reported that they are using 85% of their production capacity. Based on the above information, which of the following statements is correct? A. Hilo is technically efficient in its production of tables and food. B. Hilo is inefficient in its production of tables and food. C. Hilo is at a point on the production. possibilities curve. D. Hilo is at a point outside the production possibilities curve.

Food production increased by 5%, while the production of tables remained unchanged. Unemployment is currently at 24,5% and the manufactures of the tables and food reported that they are using 85% of their production capacity. Based on the above information, which of the following statements is correct? A. Hilo is technically efficient in its production of tables and food. B. Hilo is inefficient in its production of tables and food. C. Hilo is at a point on the production. possibilities curve. D. Hilo is at a point outside the production possibilities curve.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question
Food production increased by 5%, while the production of tables remained unchanged. Unemployment is currently at 24,5% and the manufactures of the tables and food reported that they are using 85% of their production capacity. Based on the above information, which of the following statements is correct? A. Hilo is technically efficient in its production of tables and food. B. Hilo is inefficient in its production of tables and food. C. Hilo is at a point on the production. possibilities curve. D. Hilo is at a point outside the production possibilities curve.
Transcribed Image Text:Food production increased by 5%, while the production of tables remained unchanged. Unemployment is currently at 24,5% and the manufactures of the tables and food reported that they are using 85% of their production capacity. Based on the above information, which of the following statements is correct? A. Hilo is technically efficient in its production of tables and food. B. Hilo is inefficient in its production of tables and food. C. Hilo is at a point on the production. possibilities curve. D. Hilo is at a point outside the production possibilities curve.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS