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Macroeconomics Study Set 41

Business

Quiz 2 :

The Economic Problem

Quiz 2 :

The Economic Problem

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Which of the following is NOT true concerning a societyʹs production possibilities frontier PPF)?
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Answer:

D

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The production possibilities frontier
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Answer:

A

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Any production point outside the production possibilities frontier is
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Answer:

B

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Harry produces 2 balloon rides and 4 boat rides an hour. Harry could produce more balloon rides but to do so he must produce fewer boat rides. Harry is his production possibilities frontier.
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When producing at a production efficient point, .
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Scarcity is represented on a production possibilities frontier figure by
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The production possibilities frontier represents
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A point outside a production possibilities frontier indicates
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On the vertical axis, the production possibilities frontier shows ; on the horizontal axis, the production possibilities frontier shows .
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Which of the following statements regarding the production possibilities frontier is true?
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Jane produces only corn and cloth. Taking account of her preferences for corn and cloth
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The production possibilities frontier is
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The production possibilities frontier itself illustrates
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The production possibilities frontier is the boundary between those combination of goods and services that can be
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Which of the following is NOT illustrated by a production possibilities frontier?
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Production efficiency occurs when production .
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A production possibilities frontier figure does NOT illustrate
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The production possibilities frontier itself shows
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The production possibilities frontier separates .
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The production possibilities frontier is the boundary between
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