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Question 1 0

Economics Jan 28, 2021

Question 1

0.5 out of 0.5 points


	Consider two points on the PPF: point A, at which there are 10 apples and 20 pears, and point B, at which there are 7 apples and 21 pears. If the economy is currently at point A, the opportunity cost of moving to point B is

Question 2

0.5 out of 0.5 points


	If people (on average) live longer, and the production possibilities frontier (PPF) in the economy shifts outward, does it follow that per-capita output will rise?

Question 3

0.5 out of 0.5 points

Which of the following is not true about production possibilities frontiers?

Question 4

0.5 out of 0.5 points

Keisha can produce the following combinations of X and Y: 100X and 20Y, 50X and 30Y, or 0X and 40Y. The opportunity cost of one unit of Y for Keisha is

Question 5

0.5 out of 0.5 points


	A PPF is more likely to be a downward-sloping curve that is bowed outward than a downward-sloping straight line because most resources are

Question 6

0.5 out of 0.5 points


	The law of increasing opportunity costs states that as

Question 7

0.5 out of 0.5 points


	Which scenario below most accurately describes the process by which a technological change can affect employment patterns across industries?

Question 8

0 out of 0.5 points


	If an economy is operating on its production possibilities frontier (PPF), are there any unemployed resources in the economy?

Question 9

0.5 out of 0.5 points


	An economy can produce the following combinations of goods: 50X and 0Y, 40X and 10Y, 30X and 20Y, 20X and 30Y, 10X and 40Y, and 0X and 50Y. The production possibilities frontier (PPF) for the economy is

Question 10

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	Points inside (below) the production possibilities frontier (PPF) are

Question 11

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	Points outside (or beyond) the PPF are

Question 12

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	Productive efficiency implies that

Question 13

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	If it is impossible to produce more of one good without getting less of another, then the economy is operating

Question 14

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	The economy can produce 15X and 15Y, 10X and 20Y, 5X and 25Y, or 0X and 30Y. It follows that opportunity cost of 1X is ___Y.

Question 15

0.5 out of 0.5 points


	Within the production possibilities frontier (PPF) framework, choice is depicted by the

Question 16

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	In the production possibilities framework, economic growth is depicted by the PPF

Question 17

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	Exhibit 2-7 Refer to Exhibit 2-7. The change in the PPF of the economy from PPF₁ to PPF₂ corresponds to an advance in technology that makes

Question 18

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Exhibit 2-2

Refer to Exhibit 2-2. If PPF₂ is the relevant production possibilities frontier, then point __________ is unattainable.

Question 19

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Exhibit 2-6

Refer to Exhibit 2-6. Which graph depicts a technological breakthrough in the production of good Y only?

Question 20

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Exhibit 2-9

Alex Amber

Good A	Good B	Good A	Good B
0	300	0	160
25	225	30	120
50	150	60	80
75	75	90	40
100	0	120	0

Refer to Exhibit 2-9. Who has the comparative advantage in the production of good A?

Expert Solution

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