Consider a point underneath the Production Possibilities Frontier (PPF). How would you describe it? Group of answer choices A) none of the other options. B) the best possible combination of output. C) an unattainable combination of output. D) a productively efficient combination of output. E) a productively inefficient combination of output.

Consider a point underneath the Production Possibilities Frontier (PPF). How would you describe it? Group of answer choices A) none of the other options. B) the best possible combination of output. C) an unattainable combination of output. D) a productively efficient combination of output. E) a productively inefficient combination of output.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 4SQP

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A production possibilities frontier is shown below (Z, "Home Goods," on the vertical axis; H, "Health," on the horizontal axis). Suppose that the individual is producing the combination associated with point B, but they prefer to be at point C. Given this information we might say that this combination is ____. A. productively efficient but allocatively inefficient. B. productively efficient and allocatively efficient. C. productively inefficient and allocatively inefficient. D. productively inefficient, but allocatively efficient.
Which of the following is true of an economy’s production possibilities curve? a. It shows the combinations of any two resources that can be used to produce an efficient level of output. b. It shows the alternative combinations of goods that can be produced by fully employing scarce resources. c. It must be a straight line when all resources are fully employed. d. It is bowed in (convex to the origin) because of changing levels of technology. e. It is bowed out (concave to the origin) when marginal opportunity costs are constant.
The below table shows production points on Sweet-Tooth Land's production possibilities frontier. Which of the following statements is TRUE? B) Producing a combination of 20 chocolate bars and 80 cans of cola is attainable but inefficient. A) Producing a combination of 0 chocolate bars and 100 cans of cola is both attainable and efficient. D) Producing a combination of 40 chocolate bars and 0 cans of cola is unattainable and inefficient. C) Producing a combination of 30 chocolate bars and 38 cans of cola is only attainable with an increase in technology.
Which of the following is illustrated by a production possibilities curve that is "bowed out" or concave to the origin? options: a trade-off in which the opportunity cost of a good decreases with the level of its production a trade-off in which the opportunity cost of a good increase with the level of its production a trade-off in which the opportunity cost of a good is constant at all levels of production the fallacy of composition
If an economy cannot produce more of one good without producing less of another good, this implies that which of the following has been achieved? production efficiency minimum marginal cost maximum marginal benefit PPF efficiency allocative efficiency
Which of the following about production possibilities is FALSE? A) It is drawn with technology fixed. B) It is drawn assuming there are two goods produced. C) It allowed for increasing factors of production. D) None of the above.
What does a Production Possibility Frontier for Product X versus Y represent? A) The total combined production of Product X + Product Y for a given set of factors of production B) The trade-off in the level of total production at various output mixes for Product X and Product Y C) The most efficient product production mix for a given set of factors of production D) All of the above
Allocative efficiency is concerned with: producing the combination of goods most desired by society. achieving the full employment of all available resources. producing every good with the least-cost combination of inputs. reducing the concavity of the production possibilities curve.
Evidence accumulates that the use of fertilizers, which increases agricultural production greatly, damages water quality. In what way would the production possibilities curve reflect scarcity, choice and opportunity cost?
Any point within a production possibility frontier indicate _________________ combinations in the production of the two goods or services and _______________ in terms of the use of resources. a.Unattainable; efficiency b.Attainable; inefficiency c.Attainable; efficiency d.Unattainable; inefficiency
The production possibilities frontier curve illustrates that a. an economy's capacity to produce is unrelated to its population. b. if all the resources of an economy are being used efficiently, more of one good can be produced only if more of another good is produced. c. an economy will automatically move toward a point at which all of its resources are being used inefficiently. d. if all the resources of an economy are being used efficiently, more of one good can be produced only if less of another good is produced.
Consider your decision to read this textbook on economics. Identify which of the four core principles of economics (the cost benefit principle, the opportunity cost principle, the marginal principle, or the interdependence principle) is most relevant for the following aspects of that decision. Reading this textbook will help establish a solid foundation for understanding concepts you will learn in more advanced economics courses. Reading this textbook will require time and effort, but doing so will help you improve your grade in this course. The time you will spend reading this textbook could instead be used to study for your chemistry exam. Each extra page that you read and each practice problem that you complete will help you increase your understanding of the material.