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Home Q & A Board Other Fields Homework Help Business Economics
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jmoney5 jmoney5
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5 years ago

Question 1.

If an economy begins to use its resources less efficiently, it will move



▸ to a point closer to its ppf.

▸ to a point farther away from its ppf.

▸ from a point along its ppf to a point outside its ppf.

▸ from one point to another point along its ppf.

Question 2.

Assume a society can produce either beer or wine. If the marginal rate of transformation of gallons of beer into gallons of wine is 0.5, then the opportunity cost of beer is



▸ the 2 gallons of beer that must be forgone.

▸ the 2 gallons of wine that must be forgone.

▸ the 0.5 gallons of beer that must be forgone.

▸ the additional 0.5 gallons of beer that can be produced.
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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JaxJax
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