Actual output equals potential output... A. On the production possibilities curve O B. Within the production possibilities curve O C. Beyond the production possibilities curve O D. When the production possibilities curve shifts outwards
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- Which of the following is related to the use of economics? O a. how people use unlimited resources to satisfy limited wants O b. how businesses use unlimited resources to satisfy unlimited consumer wants Oc how people use scarce resources to satisfy unlimited wants O d. how people use unlimited resources to satisfy their unlimited wantsWhich of the following scenarios might explain what an economy would be operating inside its production possibilities curve? Select one: O a. Because damage to natural resources, such as might be caused by deforestation leading to erosion of topsoil, has shrunk the land resource O b. Because of discrimination against employing workers of a certain race or gender O . Because shrinking population has reduced the number of productive workers in the economy O d. Because technological innovations have increased the productivity of labour and capital0 WORDS POWERED BY TINY QUESTION 3 Which of the following will not shift the production possibilities curve to the right? O A. An increase in the quantity of a society's labor force O B. The reduction of unemployment O C. An upgrading of the quality of a nation's human resources D. The improvement of a society's technological knowledge
- Which of the following scenarios might explain what an economy would be operating inside its production possibilities curve? Select one: O a. Because damage to natural resources, such as might be caused by deforestation leading to erosion of topsoil, has shrunk the land resource O b. Because of discrimination against employing workers of a certain race or gender O c. Because technological innovations have increased the productivity of labour and capital O d. Because shrinking population has reduced the number of productive workers in the economy Next page IMG_7969.jpegConsider the figures above. In Economy B, the opportunity cost of making O A. butter in terms of guns is decreasing. O C. guns in terms of butter is decreasing. O E. butter in terms of guns is lower than in EconomyA. Quantity of Guns Production Possibilities Boundary Economy A 1 2 Quantity of Butter Q Quantity of Guns Production Possibilities Boundary Economy B 6 7 8 Quantity of Butter OB. butter in terms of guns is increasing. O D. butter in terms of guns is higher than in Economy A.Based on the graph, what is the opportunity cost of moving from point B to point D? Baseballs 200 150 100 C 50 100 200 300 400 Bananas Select one: O a. 100 bananas and 100 baseballs O b. 100 bananas and 50 baseballs O c. 50 baseballs O d. none of the answers are correct O e. 100 bananas B.
- The production possibility curve shows all the following except O a. Economic growth O b. The law of demand O c. The supply curve of 2 goods O d. The law of increasing opportunity cost O e. Inefficiency in productionpeople are rational QUESTION 7 Ben says that "an increase in the tax on beer will raise its price." Holly arques that "taxes should be increased on beer because college students drink to0 much." We can conclude that: O A. Both statements are O C. Ben's statement is normative, but Holly's is positive D. Holly's statement is normative, but Ben's is positive O B. Both statements are positive normativeWhich of the following will NOTshift a country's production possibilities frontier outward? O A. An increase in the capital stock. O B. An increase in the labour force. O C. An advance in technology. O D. A reduction in unemployment.
- Blast from the Past: Which would be likely to shift the production possibilities curve to the right? O A decline in the labor force O Shifting resources to the production of consumer goods O An increase in consumer wants O An increase in the general level of education of the labor forceBecause of scarcity, for every choice we make, there will always be opportunity costs. What does this statement mean? O a. none of the choices are correct O b. We will always have to sacrifice the enjoyment of something or benefiting from our other options due to limi tations in resources. O C. Scarcity helps us save our resources by reducing opportunity costs and encouraging higher consumption O d. We can fully enjoy both of our choices as long as we take the opportuni ty and continuously consume our limited resourcesQuestion 3 Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. [State all that applies.] Select one or more: attainable unattainable efficient inefficient