Refer to Exhibit 3-8. At Point B in the production possibilities graph shown, the economy: a. is not using its resources efficiently. b. is using its resources efficiently while producing clothing but not food. c. is using its resources efficiently while producing food but not clothing. d. is using its resources efficiently to produce both food and clothing.

Refer to Exhibit 3-8. At Point B in the production possibilities graph shown, the economy: a. is not using its resources efficiently. b. is using its resources efficiently while producing clothing but not food. c. is using its resources efficiently while producing food but not clothing. d. is using its resources efficiently to produce both food and clothing.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter12: Environmental Protection And Negative Externalities

Section: Chapter Questions

Problem 28RQ: What does a point inside the production possibility frontier represent?

See similar textbooks

Similar questions

Radio stations, tornado sirens, light houses, and street lights are all public goods in that all are nonrivalrous and nonexclusionary. Therefore why does the government provide tornado sirens, street lights and light houses but not radio stations (other than PBS stations)?
b) Discuss and explain the concept of positive return toscale showing it relationship with the quantity ofproduction.
3 c. Explain the concept of production possibility frontier and interpret the slope of theproduction possibility frontier in economic terms.
8. (Environmental Protection) Four federal laws and subse- quent amendments underpin U.S. environmental protec- tion. Identify these laws.
(Environmental Protection) Four federal laws and subsequent amendments underpin U.S. environmental protection. Identify these laws.
Your grandmother likes old-fashioned yard salesand doesn’t understand why everyone is so excitedabout eBay. Explain to her why the creation of amarket that enables people who don’t live in thesame town to buy and sell used goods increasestotal surplus over the yard-sale market.
what is author “Craig VanGrasstek,” definition of WTO
Quesrion 11 Hello can you please help awnsering question 11 a and b thank you
The satisfaction that an individual gain after consuming a cold Orange Juice on a hot day describes * a.Public benefit b.private benefit c.external benefit d.social benefit If it costs Levy $1.50 to prepare a burrito, that would reflect it's: a.social cost b.external cost c.private cost d.Public cost As a result of the COVID19 pandemic, the Government will be opening a pre-school in Back-A- Town area, and subsidizing the cost. The reason for this is because the government is of the opinion that pre-school education is: * a.Underpriced b.Overproduced c.Under-produced d.Over-produced Full funding of tertiary level education is an example of a government: * a.Tariff b.Tax c.Subsidy d.Loan
Classify the following pollution-control policies as command-and-control or market incentive based. A state emissions tax on the quantity of carbon emitted by each firm. The federal government requires domestic auto companies to improve car emissions by 2020. The EPA sets national standards for water quality. A city sells permits to films that allow them to emit a specified quantity of pollution. The federal government pays fishermen to preserve salmon.
A country called Sherwood is very heavily covered with a forest of 50,000 trees. There are proposals to clear some of Sherwoods forest and grow com, but obtaining this additional economic output will have an environmental cost from reducing the number of trees. Table 12.11 shows possible combinations of economic output and environmental protection. Sketch a graph of a production possibility frontier with environmental quality on the horizontal axis, measured by the number of trees, and the quantity of economic output, measured in corn, on the vertical axis. Which choices display productive efficiency? How can you tell? Which choices show allocative efficiency? How can you tell? In the choice between T and R, decide which one is better. Why? In the choice between T and S, can you say which one is better, and why? If you had to guess, which choice would you think is more likely to represent a command-and-control environmental policy and which choice is more likely to represent a market-oriented environmental policy, choice Q or S? Why?
What is an externality?