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1. A basis for the systematic study of economics exists because A Resources are scarce in relation to material wants. B Governments interfere because there is always an efficient allocation of scarce resources. C ndividual economic actors never make rational economic decisions. D Resources are plentiful relative to wants, therefore an allocation problem arises. E The market consistently fails to allocate resources efficiently, thereby establishing the need to study economics. 2. The law of increasing opportunity cost is reflected in the shape of the A Production possibilities curve concave to the origin. B Production possibilities curve convex to the origin. C Horizontal production possibilities curve. D Straight- line production possibilities curve. E Upward-sloping production possibilities curve. 3. A production possibility frontier shows A The maximum combination of inputs that can be used to produce output in a typical economy. B The maximum revenue that can be generated from the sale of output produced by limited resources in an economy. C The minimum quantities of commodities that can be produced from limited but fully-employed resources in an economy. D The maximum quantities of commodities that can be produced from limited but fully-employed resources in an economy. E The quantities of factors of production available to produce goods and services in an economy.

1. A basis for the systematic study of economics exists because A Resources are scarce in relation to material wants. B Governments interfere because there is always an efficient allocation of scarce resources. C ndividual economic actors never make rational economic decisions. D Resources are plentiful relative to wants, therefore an allocation problem arises. E The market consistently fails to allocate resources efficiently, thereby establishing the need to study economics. 2. The law of increasing opportunity cost is reflected in the shape of the A Production possibilities curve concave to the origin. B Production possibilities curve convex to the origin. C Horizontal production possibilities curve. D Straight- line production possibilities curve. E Upward-sloping production possibilities curve. 3. A production possibility frontier shows A The maximum combination of inputs that can be used to produce output in a typical economy. B The maximum revenue that can be generated from the sale of output produced by limited resources in an economy. C The minimum quantities of commodities that can be produced from limited but fully-employed resources in an economy. D The maximum quantities of commodities that can be produced from limited but fully-employed resources in an economy. E The quantities of factors of production available to produce goods and services in an economy.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter2: Choice In A World Of Scarcity
Section: Chapter Questions
Problem 21CTQ: It is clear that productive inefficiency is a waste since resources are used in a way that produces...
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1. A basis for the systematic study of economics exists because A Resources are scarce in relation to material wants. B Governments interfere because there is always an efficient allocation of scarce resources. C Individual economic actors never make rational economic decisions. D Resources are plentiful relative to wants, therefore an allocation problem arises. E The market consistently fails to allocate resources efficiently, thereby establishing the need to study economics. 2. The law of increasing opportunity cost is reflected in the shape of the A Production possibilities curve concave to the origin. B Production possibilities curve convex to the origin. C Horizontal production possibilities curve. D Straight-line production possibilities curve. E Upward-sloping production possibilities curve. 3. A production possibility frontier shows A The maximum combination of inputs that can be used to produce output in a typical economy. B The maximum revenue that can be generated from the sale of output produced by limited resources in an economy. C The minimum quantities of commodities that can be produced from limited but fully-employed resources in an economy. D The maximum quantities of commodities that can be produced from limited but fully-employed resources in an economy. E The quantities of factors of production available to produce goods and services in an economy.
Transcribed Image Text:1. A basis for the systematic study of economics exists because A Resources are scarce in relation to material wants. B Governments interfere because there is always an efficient allocation of scarce resources. C Individual economic actors never make rational economic decisions. D Resources are plentiful relative to wants, therefore an allocation problem arises. E The market consistently fails to allocate resources efficiently, thereby establishing the need to study economics. 2. The law of increasing opportunity cost is reflected in the shape of the A Production possibilities curve concave to the origin. B Production possibilities curve convex to the origin. C Horizontal production possibilities curve. D Straight-line production possibilities curve. E Upward-sloping production possibilities curve. 3. A production possibility frontier shows A The maximum combination of inputs that can be used to produce output in a typical economy. B The maximum revenue that can be generated from the sale of output produced by limited resources in an economy. C The minimum quantities of commodities that can be produced from limited but fully-employed resources in an economy. D The maximum quantities of commodities that can be produced from limited but fully-employed resources in an economy. E The quantities of factors of production available to produce goods and services in an economy.
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