shows the possible combinations of two types of goods that can be produced when available resources are employed fully and efficiently. * (1 Point) Production Possibility Curve Goods Services Opportunity Cost ssible output from available resources. * Efficiency Production Possibility Curve Sunk Cost Natural Resources Capital Resources

shows the possible combinations of two types of goods that can be produced when available resources are employed fully and efficiently. * (1 Point) Production Possibility Curve Goods Services Opportunity Cost ssible output from available resources. * Efficiency Production Possibility Curve Sunk Cost Natural Resources Capital Resources

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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Match each diagram in Figure 1 with its description here.Assume that the economy is producing or attempting toproduce at point A and that most members of society likemeat and not fish. Some descriptions apply to more than one diagram, and some diagrams have more than onedescription.a. Inefficient production of meat and fishb. Productive efficiencyc. An inefficient mix of outputd. Technological advances in the productionof meat and fishe. The law of increasing opportunity costf. An impossible combination of meat and fish
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Consider an economy that produces only two goods: Food and Clothing. The use of the resources of this economy produces monthly according to the table below: Alternative Clothes Foods A 0 9 B 3 7 C 5 4 D 6 two D 7 0 Ask if: a) Graph the production possibility curve of this economy b) Considering the same factor endowment in this economy, how would it be possible to increase the production of goods? c) Comment on the fact that this economy is actually producing 3 units of clothing and 5 of food d) Indicate the opportunity cost of situations A and C