The production possibilities frontier is the Select one: O A. maximum output that can be produced at an opportunity cost of zero. O B. minimum output that can be produced when resources are used inefficiently. O C. boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced when technology is changing. O D. boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology. O E. maximum opportunity cost combinations of goods and services.

The production possibilities frontier is the Select one: O A. maximum output that can be produced at an opportunity cost of zero. O B. minimum output that can be produced when resources are used inefficiently. O C. boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced when technology is changing. O D. boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology. O E. maximum opportunity cost combinations of goods and services.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 6P

See similar textbooks

Similar questions

2. Below is a production possibilities frontier (PPF) for Happyland, acountry that produces only two goods- wine and cheese. wine cheese a) Explain what the production possibilities frontier is and how it illustrates scarcity. b) What happens to the marginal opportunity costof cheese production in Happyland as the country increases its cheese production? (increase, decrease, unchanged or indeterminate?) Explain how you can tell this from the PPFand why it happens. c) Briefly describe two specific policies the government of Happyland could undertake to shift out their PPF in future periods. (By specific policies, I mean something they can actually do to change productivity for either or both of these goods. "Increase resources," for example, is not a specific policy. What resources and what type of policy could increase the resources used for either of these products?)
A production possibilities curve is drawn basedon which of the following assumptions?a. Resources are fixed and fully employed, andtechnology advances at the rate of growth ofthe economy overall.b. Resources such as nonrenewable resourceswill decline, but labor remains fullyemployed and technology is unchanged.c. Resources can vary; most resourcesexperience times of unemployment; andtechnology advances, particularly duringwartime.d. Resources such as labor and capital will growand are fully employed, and technology isunchanged.e. None of the answers correct.
Define Production Possibility Frontier. Draw a production possibilities frontier showing increasing opportunity cost for sausages and. kebabs a. On a graph, identify the area of feasible outcomes and the area of infeasible outcomes. b. On a graph, illustrate the effect of the discovery of an oven, a resource needed to make both sausages and kebabs, on this economy. c. On a second graph, illustrate the effect of a new computerized assembly line in the production of sausages on this economy.
which one of the following is true about the production possibilities frontier (ppf) o a. the information is perfect o b. large number of buyers and sellers o c. free entry and exit o d. government interference in economic activities
What is Production Possibility Frontier? Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy’s cow population?
The possible combinations of two goods that can be produced in a certain period of time under certain conditions of technology and fully employed resources: O a. Scarcity O b. Central problem O C. Opportunity Cost O d. Production possibility
ple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…
Situation in which the amount of an item available is less than people want; O a. Scarcity O b. Production Possibility Frontier O C. Resources Od Opportunity cost
The production possibilities frontier curve illustrates that a. an economy's capacity to produce is unrelated to its population. b. if all the resources of an economy are being used efficiently, more of one good can be produced only if more of another good is produced. c. an economy will automatically move toward a point at which all of its resources are being used inefficiently. d. if all the resources of an economy are being used efficiently, more of one good can be produced only if less of another good is produced.
Which of the following is not illustrated by a production possibility frontier (PPF)? Select one: a. the equilibrium price b. scarcity O c. productive efficiency d. necessity for choice e. opportunity cost
Which one of the following concepts is illustrated by a production possibilities frontier? Select one: A. monetary exchange B. consumption C. profit D. investment O E. the tradeoff between producing one good versus another
When new and better ways of producing all goods and services are discovered or when the quantity of capital increases, O A. the opportunity cost of all goods decreases O B. our economy grows, but we still face scarcity and opportunity cost O C. the economy moves along its production possibilities frontier O D. the production possibilities frontier shifts inward e Text Pages Grapher Get More Help -