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Homework Help for Economics (page 4)

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Economics

15. Output combinations inside a production possibility frontier

a. are unattainable.

b. are attainable only with the full utilization of all resources.

c. are associated with unused resources.

d. result in more rapid growth.

Answered
4H
Economics

14. Production points inside the Production Possibility Frontier (PPF) are

a. efficient but not attainable.

b. efficient and attainable.

c. inefficient and not attainable.

d. inefficient and attainable.

 

Answered
5H
Economics

13. In the figure below, point A is _____, and point B is _____

a. attainable, attainable.

b. attainable, unattainable.

c. unattainable, attainable.

d. unattainable, unattainable.

 

Answered
5H
Economics

12. A nation consumes at a point outside its PPF

a. when it trades with other nations.

b. when it produces inefficiently.

c. when its PPF is bowed out.

d. never.

Answered
5H
Economics

11. A nation produces at a point inside its PPF

a. when it trades with other nations.

b. when it produces inefficiently.

c. when its PPF is bowed out.

d. never.

Answered
5H
Economics

10. Production points inside the PPF are

a. efficient but not attainable.

b. efficient and attainable.

c. inefficient and not attainable.

d. inefficient and attainable.

Answered
5H
Economics

9. When the production possibility frontier is a straight line,

a. opportunity cost is increasing.

b. opportunity cost is constant.

c. opportunity cost is decreasing.

d. resources are not scarce.

Answered
5H
Economics

8. When the production possibility frontier bows outward from the origin,

a. some of the societyʹs resources are unemployed.

b. opportunity costs are constant.

c. opportunity costs are increasing.

d. opportunity costs are decreasing. 

Answered
5H
Economics

7. As output moves from point a to point b to point c along the PPF in the figure below, the opportunity cost of one more unit of good X

a. rises. The opportunity cost of one more unit of good Y also rises.

b. rises. The opportunity cost of one more unit of good Y falls.

c. falls. The opportunity cost of one more unit of good Y rises.

d. falls. The opportunity cost of one more unit of good Y also falls.

Answered
5H
Economics

6. In the figure below, moving from point 'd' to point 'a' requires

a. technological change.

b. a decrease in unemployment.

c. reducing the output of consumption goods in order to boost the output of capital goods.

d. both capital accumulation and a decrease in unemployment.

Answered
5H
Economics

5. The concept of opportunity cost helps an economist understand

a. how resources are allocated in an economy.

b. determine the causes of inflation.

c. determine consumers’ purchasing power.
 
d. understand the causes of a trade deficit.
Answered
6H
Economics

4. A production possibility curve, illustrating the output options for Capital and Consumer goods, shifts to the right because there is

 
a. an increase in inflation.
b. an improvement in technology.
c. reduced unemployment.
d. an increase in exports
Answered
6H
Economics
3. The production possibility curve is concave to the origin because
 
a. technology is fixed in the short run.
b. all resources are being fully used.
c. all choices involve an opportunity cost.
d. some resources are more specialized than others
Answered
6H
Economics

2. A production possibility curve diagram cannot be used to illustrate

 
a. the range of goods and services an economy can produce.
b. the concept of opportunity cost.
c. the changing trade-off incurred in varying the production of 2 products.
d. output options which cannot be achieved.
Answered
6H
Economics

1. The tradeoff between economic output and the environment can be analyzed with the help of a:

a. demand curve

b. production possibility frontier(PPF)

c. budget line

d. Opportunity cost curve

Answered
6H
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