Essentials of Economics (MindTap Course List)
7th Edition
ISBN: 9781285165950
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 2, Problem 3QCMC
To determine
Efficient and feasible points in the
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An economy's production possibilities frontier is fixed in the long run.
True
False
How will you explain production as a source of economic well-being?
Which of the following are the assumptions of the production possibility curve?
a.
Two goods are produced by the economy
b.
Technology and skills available are constant
c.
All of the options
d.
Resources available are constant in the economy
Chapter 2 Solutions
Essentials of Economics (MindTap Course List)
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- 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_forwardIn the graph above, if the economy is at point C, it follows that A. C is an unattainable point. B. more robots and corn can be produced with available resources. C. only more corn can be produced with available resources. D. only more robots can be produced with available resources.arrow_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
- Why does a production possibilities frontier have to be downward sloping and have a bowed out shape? The present choice between investing in capital goods and producing consumer goods now affects the ability of an economy to produce in the future. Explain.arrow_forwardWhat 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_forward
- What 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_forwardProduction Economy Describe the production economy. Prove the first theorem of welfare.arrow_forwardIn 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_forward
- A point inside a production possibilities frontier?arrow_forwardThe 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 is called ________.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_forward
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