Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
8th Edition
ISBN: 9781337607735
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 2, Problem 3CQQ
To determine
Efficient and feasible points in the production possibility frontier .
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Students have asked these similar questions
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
How will you explain production as a source of economic well-being?
Complete the following sentence. Marginal cost
Select one:
A. remains constant.
B. is the opportunity cost of producing one more unit of a good or service.
C. is unrelated to the production possibilities frontier.
D. is always greater then marginal benefit.
E. always equals marginal benefit.
Chapter 2 Solutions
Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
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- Every point on the production possibilities curve represents? a. a greater increase in supply b. an efficient use of rescources c. an inefficient use of resources d. a greater increase in demandarrow_forwardI want the answersarrow_forwardThe production possibility frontier is a graph that shows Select one: a. how much goods a society can consume at various average price levels. b. all combinations of goods that a society can produce if it uses all its resources efficiently. c. all combinations of goods that a society can consume if it uses all its resources efficiently. d. all combinations of factors that a society can use if there are no idle factors. e. the rate at which a societyʹs output will grow if it uses all resources efficiently.arrow_forward
- What is a ‘final good’? Select one: a. A good not used as an input in the production process b. A natural resource used to produce a good c. A good purchased as an input in the production process d. A good used in the production of another goodarrow_forwardA curve that shows the maximum amount of any two products that can be produced in an economy from a fixed resource and a fixed technology< A, Production Possibilities frontier B, Marginal Product curve C, Demand Curve D, Total Product Curvearrow_forwardProduction Economy Describe the production economy. Prove the first theorem of welfare.arrow_forward
- In the production process, both the average product and marginal product of the variable input rise first, then fall, and then rise to infinity False True the government should spend less money to take care of a national park they are testing an economic model making a positive statement making a normative statement O not dealing with scarcityarrow_forwardWhat does a point inside the production possibilities frontier (PPF) represent? A. An efficient allocation of resources B. An underutilization of resources C. A technologically advanced production point D. An unattainable production level given current resourcesarrow_forwardAny point on a country's production possibilities frontier represents a combination of two goods that an economy: Select one: a. may be able to produce in the future with more resources and/or superior technology. b. can produce using some portion, but not all, of its resources and technology c. can produce using all available resources and technology. d. will never be able to produce.arrow_forward
- Which of the following are made constant when applying the production possibilities curve theory? Select one: a. Trading rate between goods b. Total exports and imports c. Total number of factors of productions d. International pricingarrow_forwardThe resources used to make all goods and services are the * production possibilities. production trade-offs. opportunity costs. factors of production. What is a factory building an example of? *arrow_forwardِA- We have studied the production technology. Explain the concept with an example. B- We have studied labor-intensive technology and capital-intensive technology Explain the difference between the two production processes with an example of each?arrow_forward
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