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Title: Points inside the production possibilities frontier represent Post by: ljb99 on Feb 27, 2018 Points inside the production possibilities frontier represent
a. full and efficient use of all resources b. inefficiency or unemployment (or both) c. currently unattainable combinations of outputs d. currently unattainable combinations of resources e. the most desirable combinations of outputs QUESTION 2 A point outside the production possibilities frontier a. represents unemployment of resources b. represents full employment of resources c. would not represent an efficient combination of goods d. cannot be reached using the available technology e. is less desirable than one that lies inside the frontier QUESTION 3 The production possibilities frontier represents the boundary between attainable and unattainable prices of commodities. a. True b. False QUESTION 4 If all resources are used efficiently to produce goods and services, a nation will find itself producing a. inside its production possibilities frontier b. somewhere on its production possibilities frontier c. outside of its production possibilities frontier d. at one extreme end of its production possibilities frontier e. more of one product with no decrease in the production of any other product QUESTION 5 Efficiency refers to a. producing output using the least amount of labor b. producing output using the least amount of capital c. producing as far inside the production possibilities frontier as possible d. producing only one out of many possible commodities e. getting the maximum possible output from available resources QUESTION 6 Which of the following is most appropriately measured along one axis of the production possibilities frontier diagram? a. the quantity of a produced good b. the price of a produced good c. the quantity of natural resources d. the state of technology e. society's welfare and satisfaction QUESTION 7 Society's production possibilities frontier a. helps explain the immense complexity of the real economy b. demonstrates that, although resources are scarce for individuals, there is no problem of scarcity for society as a whole c. is based on unrealistic assumptions and therefore has no value as an economic tool d. is based on simplifying assumptions, but is still useful for illustrating scarcity, opportunity cost, and economic growth e. is based on the assumption that technology is constantly changing Title: Points inside the production possibilities frontier represent Post by: L_I_A on Feb 27, 2018 Title: Points inside the production possibilities frontier represent Post by: ljb99 on Feb 27, 2018 This calls for a celebration :raised_hands:
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