5.Which one of the following concepts isnotillustrated by a production possibilities frontier?A) attainable and unattainable pointsB) monetary exchangeC) scarcityD) the tradeoff between producing one good versus anotherE) opportunity costThe PPF shows attainable and unattainable points. We have these points because we cannot simplyincrease production as we assume we have limited resources (e.g. fixed amount of time, workers,machinery, land etc). Thus we have scarcity, which means we have to make choices in our productionmix (tradeoffs). These tradeoffs involve OC if we are producing on the (rather than within the) PPF. Show 6.The production possibilities frontier is the Get answer to your question and much more 7.When drawing a production possibilities frontier, which of the following is held constant? Get answer to your question and much more 8.If Sam is producing at a point inside his production possibilities frontier, then he2 86.Which of the following concepts is NOT illustrated by the production possibilitiesfrontier?a.efficiencyb.opportunity costc.equityd.tradeoffsANS: CPTS:1DIF:AverageREF:27BLM:Higher OrderNOT:Micro TB_2-86 87.When a production possibilities frontier is linear, what does it show?PTS:1DIF:AverageREF:27 Get answer to your question and much more
We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Principles of Microeconomics Mankiw Expert Verified BLM:RememberNOT:Micro TB_2-8788.Suppose a nation is currently producing at a point inside its production possibilitiesfrontier. What do we know?PTS:1DIF:AverageREF:27BLM:RememberNOT:Micro TB_2-88 Get answer to your question and much more Figure 2-389.Refer to Figure 2-3. At which point or points can the economy produce?PTS:1DIF:AverageREF:27BLM:Higher OrderNOT:Micro TB_2-89 Get answer to your question and much more 90.Refer to Figure 2-3. Which point represents the maximum possible production oftubas?a.point Ab.point Bc.point Cd.point EANS: DPTS:1DIF:AverageREF:27BLM:Higher OrderNOT:Micro TB_2-90 91.Refer to Figure 2-3. At which point or points can the economy NOT produce?PTS:1DIF:ChallengingREF:27BLM:Higher OrderNOT:Micro TB_2-91 Get answer to your question and much more 92.Refer to Figure 2-3. Which point or points are efficient?PTS:1DIF:ChallengingREF:27BLM:Higher OrderNOT:Micro TB_2-92 Get answer to your question and much more 93.Refer to Figure 2-3. Which point or points are inefficient?PTS:1DIF:AverageREF:27BLM:Higher OrderNOT:Micro TB_2-93 Get answer to your question and much more 94.What is the opportunity cost of obtaining more of one good, as shown on theproduction possibilities frontier?a.the amount of the other good that must be given upb.the market price of the additional amount producedc.the amount of resources that must be devoted to its productiond.the number of dollars that must be spent to produce itANS: APTS:1DIF:AverageREF:27BLM:Higher OrderNOT:Micro TB_2-94 Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 53 pages? Upload your study docs or become a Course Hero member to access this document Which of the following concepts is illustrated by the production possibilities frontier?The PPC can be used to illustrate the concepts of scarcity, opportunity cost, efficiency, inefficiency, economic growth, and contractions.
What is not illustrated on a production possibilities curve?The curve does not tell decision-makers how much of each good the economy should produce; it only tells them how much of each good they must give up if they are to produce more of the other good.
What are 3 assumptions of a production possibilities frontier?The basic assumptions of production possibility curve are: The resources are given and remain constant. The technology used in the production process remains constant. The resources and technology are fully and efficiently utilized.
What are the 4 assumptions of production possibilities?The four key assumptions underlying production possibilities analysis are: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.
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Which of the following concept is not illustrated by production possibilities frontier?
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