02. Which of the following statements about point C is FALSE? production of both X and Y can increase, without more resources or improvement in technology. 12 units of product Y and 16 units of product X is being produced to produce more of product Y, some of product X has to be sacrificed. the economy is not producing efficiently. both (a) and (d). 8 O O

Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, attainable, or not attainable. Check all that apply. Inefficient Efficient Attainable Not attainable Point A B E F O O (O

6. Which statement is true? I. A negative productivity shock to all goods and services can be represented as a shift inwards of the Production Possibilities Frontier. II. A positive productivity shock to all goods and services can be represented as a shift inwards of the Production Possibilities Frontier. III. The slope of the production possibilities frontier is the opportunity cost of producing an additional unit of a good in terms of the other good. a. only I and III are true b. only I is true c. only II and III are true d. only III is true e. only II is true

QUESTION 19 Exhibit: Production Possibilities in Alphaland and Omegaland Computers (thousands per year) 2947654321 10 (Exhibit: for O a. 1; 2 Ob. 2; 1 O c. 1; 1/5 O d. 1/5; 1 Panel (A) Alphaland (Slope of PPC at A = -2) Cars (thousands per year) Computers (thousands per year) 10 9 8 Panel (B) Omegaland (Slope of PPC at A' = -0.2) A' Cars (thousands per year) 11 Production Possibilities in Alphaland and Omegaland) Before trade in Omegaland, computer. car could exchange

Country X is faced with the following output combinations for capital goods and consumer goods. Option A B CDE Consumer goods (in 10000) == E Complete parts a, b, c, and d. a. Graph the production possibilities curve for Country X with capital goods on the x-axis and consumer goods on the y-axis. ܡܐܐ J 2 o O Capital Goods 0 8000 16000 24000 32000 (0,22) (8,20) JA 4 B с Consumer Goods 220000 200000 160000 100000 0 (16,16) 16 P.O. Box 56480 Portland, OR 97238 (24, 10) D E (32,0) + 20 24 28 32 8 12 Capital goods (in 1000) b. Does the Law of Increasing Opportunity Costs hold for this example? Explain why or why not. c. As you move from point B to point C, what is the cost of one more consumer good?

QUESTION 8 product Y 28 24 20 16 12 8 4 0 0 Production Possibilities Frontier point A -point F 4 8 12 product X point B -point C 16 20 -point E -point D 24 08. Which of the following statements about point C is TRUE? O a) to produce more of product Y, some of product X has to be sacrificed. b) the economy cannot reach this point without an increase in resources or improvement in technology. c) the economy is producing efficiently. d) both (a) and (c). e) none of the above.

Question 36

7. Which of the above figures represents economic growth caused by an improvement in the technology of producing product of both X and Y?     a) FIG A     b) FIG B     c) FIG C     d) FIG D

What is the opportunity cost (amount & item) of increasing production from 6,000 tons of cinnamon  to 7,000 tons of cinnamon ?  _________________

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