Multiple Choice 1 point The negative slope of the production possibilities frontier represents the idea that free lunches are possible of inefficient production of unemployment of tradeoffs, that in order to produce more of one good, the nation must produce less of another
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Texts: 25 Multiple Choice 1 point The negative slope of the production possibilities frontier represents the idea that free lunches are possible of inefficient production of unemployment of tradeoffs, that in order to produce more of one good, the nation must Show more…
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Exhibit 2-3 Production possibilities curve data Capital goods 0 10 20 30 40 Consumer goods 200 180 140 80 0 20. According to the data given in Exhibit 2-3, the production of 140 units of consumer goods and 10 units of capital goods: is possible but would be inefficient. may be a result of unemployment. may be a result of unused natural resources. all of the above. none of the above. 21. All points on the production possibilities curve are: A) unattainable. B) fair. C) efficient. D) optimal.
Akash M.
A production point inside of the production possibilities frontier is.... 1. Inefficient because there may not be enough technology to produce more. 2. Inefficient because there is an opportunity cost of not producing more when you are able to do so. 3. Efficient because no economy can always produce at it's maximum level. 4. Efficient because factors such as health and education may prevent you from attaining efficiency. When two countries produce according to comparative advantage, it is the idea that 1. Each country will produce that good that they have the lowest opportunity cost of producing. 2. Each country will produce the good that it can produce more of than the other country. 3. Each country will produce that good which is most favored by its citizens. 4. Each country will trade until efficiency is obtained.
Andrew D.
14. If an economy is represented by a point inside its production possibilities curve: A. it can produce more of one product even if it does not produce less of another product. B. it can produce more of one product only if it produces less of another product. C. it cannot produce more of one product unless it stops producing the other product entirely. D. it cannot possibly produce more of one product, even if it produces less of another product.
Shu N.
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