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Tneary Tneary
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5 years ago

Question 1.

Figure 2-2



Figure 2-2 above shows the production possibilities frontier for Mendonca, an agrarian nation that produces two goods, meat and vegetables.


Refer to Figure 2-2. The linear production possibilities frontier in the figure indicates that

• Mendonca has a comparative advantage in the production of vegetables.

• Mendonca has a comparative disadvantage in the production of meat.

• the trade-off between meat and vegetables is constant.

• it is progressively more expensive to produce meat.

Question 2.

A production possibilities frontier with a bowed-outward shape indicates

• the possibility of inefficient production.

• constant opportunity costs as more and more of one good is produced.

• increasing opportunity costs as more and more of one good is produced.

• decreasing opportunity costs as more and more of one good is produced.
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Microeconomics

Microeconomics


Edition: 7th
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krobdancekrobdance
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