Refer to Exhibit 3-8. At Point B in the production possibilities graph shown, the economy: a. is not using its resources efficiently. b. is using its resources efficiently while producing clothing but not food. c. is using its resources efficiently while producing food but not clothing. d. is using its resources efficiently to produce both food and clothing.

Refer to Exhibit 3-8. At Point B in the production possibilities graph shown, the economy: a. is not using its resources efficiently. b. is using its resources efficiently while producing clothing but not food. c. is using its resources efficiently while producing food but not clothing. d. is using its resources efficiently to produce both food and clothing.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter12: Environmental Protection And Negative Externalities

Section: Chapter Questions

Problem 14RQ: What is an externality?

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

Exhibit 3-8
Production possibilities curve
A
Food
Clothing

85. Refer to Exhibit 3-8. At Point B in the production possibilities graph shown, the economy:
a. is not using its resources efficiently.
b. is using its resources efficiently while producing clothing but not food.
c. is using its resources efficiently while producing food but not clothing.
d. is using its resources efficiently to produce both food and clothing.

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