If an economy is producing inside its production possibility curve, it reflects ____________________________________. Question 5 options: 1) an efficient use of scarce resources 2) the concept of scarcity 3) an underutilisation of resources 4) increasing opportunity cost

If an economy is producing inside its production possibility curve, it reflects ____________________________________. Question 5 options: 1) an efficient use of scarce resources 2) the concept of scarcity 3) an underutilisation of resources 4) increasing opportunity cost

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 12SQP

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Question

If an economy is producing inside its production possibility curve, it reflects ____________________________________.

Question 5 options:

1)	an efficient use of scarce resources

2)	the concept of scarcity

3)	an underutilisation of resources

4)	increasing opportunity cost

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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Question 20 Which of the following would NOT lead to an outward shift of a future production possibilities frontier (PPF)? O population growth increased investment today an increase in technology a decline in life expectancy the discovery of new resources
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When the quantity of resources for production increases, the production possibility curve Select One: a) Becomes short b) Becomes straight c) Remains same d) Expands away origin e) Contracts to words origin
Question 3.3. Which situation would most likely cause a nation’s production possibilities curve to shift inward? The construction of more capital goods An increase in discrimination based on race An increase in the number of skilled immigrant workers The destruction from bombing and warfare in a losing military conflict
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
22.How would the Great Recession of 2007–2009 be pictured in a typical production possibilities curve?
Any point on a country's production possibilities curve represents a combination of two goods that an economy will never be able to produce. can produce using all available resources and technology. can produce using some portion, but not all, of its resources and technology. may be able to produce in the future with more resources and/or technology.
Refer to the following production possibilities curves. Curve (a) is the current curve for the economy. Given production possibilities curve (a), the combination of capital and consumer goods indicated by point L: Consumer goods N Select one: O (a) (b) Capital goods a. would entail an inefficient use of society's resources. b. is beyond the productive capacity of this society. c. would entail substantial unemployment. d. suggests the productive capacity of the system is declining.
Butter Bread Figure D.1 The graph above (Figure D.1) shows a nation's production possibility frontier (PPF) for the production of bread and butter. Which of the following is true? (A) The opportunity cost of producing more butter is a decreasing amount of bread. (B) Point X represents unemployed economic resources. (C) The opportunity cost of producing more butter is a constant amount of bread. (D) Point X represents a labor force that has become less productive. (E) The opportunity cost of producing more butter is an increasing amount of bread.
A linear production possibilities curve indicates which of the following? a. Constant opportunity costs b. Decreasing opportunity costs c. Increasing opportunity costs d. Diminishing marginal returns e. Labor-intensive production
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sfcu.org You are currently in LockDown Browser am 1 is accepting submissions until Monday, February 22, 2021 at 5:00 pm Question 18 of 40 | Page 18 of 40 Show instructions Question 18 (1 point) Which of the following statements is true? a An opportunity cost is what must be given up in order to get something else. be The three fundamental economic questions refer to What to produce? How to produce? and When to produce? The term "investment" refers to the purchase of stocks and bonds and other financial securities. The law of increasing opportunity cost implies that as production of one type of good is expanded then fewer and fewer of other goods must be given up. Next Page Bagk MacBook Pro %23 2$ 3 4 5 8 W R