ECON 1B03 Study Guide - Quiz Guide: Racquetball, Comparative Advantage, Dental Caries

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ECON 1B03 Full Course Notes
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ECON 1B03 Full Course Notes
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Make sure you carefully fill in the bubbles. You must fill in your student number, and version number. On the scan sheet or your grade will not be recorded and you will. Hand in the scan sheet and this test copy. Identify the choice that best completes the statement or answers the question. ___: production possibilities frontiers are usually bowed outward. ___: suppose an economy produces two goods, food and machines. This economy always operates on its production possibilities frontier. Last year, it produced 50 units of food and 30 machines. This year it experienced a technological advance in its machine-making industry. As a result, this year the society wants to produce 55 units of food and 30 machines. In order to increase food production in these circumstances without reducing machine production, the economy must reduce inefficiencies: the technological advance reduced the amount of resources needed to produce 30 machines.