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Econ 212 Chapter 2 || QUESTIONS AND ANSWERS!! $8.99
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Econ 212 Chapter 2 || QUESTIONS AND ANSWERS!!
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  • Econ 212

production possibilities frontier correct answers curve that graphs maximum attainable combinations of two given goods that an economy can produce with available resources and technology We can show economic inefficiency: correct answers with points inside the production possibilities frontier. ...

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  • August 18, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • production possibilities frontier

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  • Econ 212
  • Econ 212

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Econ 212 Chapter 2 || QUESTIONS AND ANSWERS!!
production possibilities frontier correct answers curve that graphs maximum attainable
combinations of two given goods that an economy can produce with available resources and
technology

We can show economic inefficiency: correct answers with points inside the production
possibilities frontier.

the production possibilities frontier will shift outward correct answers if technological
advances occur

economic growth correct answers the ability of the economy to increase the production of
goods and services

the production possibilities frontier model assumes which of the following

a. production of ant level of the two products is currently possibly
b. labor, capital, land and natural resources are unlimited
c. the economy produces only two products
d. the level of technology is variable correct answers c

as more economic resources become available, the economy can move from correct answers
point a to point b (two different points on two different lines)

suppose the President is attempting to decide whether the federal government should spend
more on research to find a cure for heart disease. what is the opportunity cost of spending
more to find a cure for heart disease? correct answers the reduction in funding for research to
cure other diseases

Roses 200 dozen for every 80 dozen of orchids, what is the opportunity cost of one dozen
orchids? correct answers 2.5 dozen roses

Roses 200 dozen for every 80 dozen of orchids, what is the opportunity cost of one dozen
roses? correct answers 0.4 dozen orchids

if the economy is currently producing at point a= 58,000 forks, 44,000 spoons, what is the
opportunity cost of moving to point b= 46,000 forks, 60,000 spoons? correct answers 12,000
forks

if the economy is currently producing at point b= 46,000 forks, 60,000 spoons what is the
opportunity cost of moving to point c= 20,000 forks, 80,000 spoons? correct answers 20,000
spoons

a production possibilities frontier with a ______ shape indicates increasing opportunity costs
as more and more of one good is produced correct answers bowed outward

the primary difference between absolute and comparative advantage is correct answers
absolute advantage refers to the ability to produce a good or service using the save amount of

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