Principles of Microeconomics
7th Edition
ISBN: 9781305156050
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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An economy's production possibilities frontier is fixed in the long run.
True
False
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?
Chapter 2 Solutions
Principles of Microeconomics
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Similar questions
- 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.arrow_forwardEvery 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_forward
- The 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_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_forwardA point inside a production possibilities frontier?arrow_forward
- Any 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_forwardDraw and explain a production possibility frontier for an economy that produces milk and cookies. What happen to this frontier if a disease kills half of the economy's cows.arrow_forwardWhich 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_forward
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