Macroeconomics Australia Study Set 1

Business

Quiz 3 :

The Economic Problem

Quiz 3 :

The Economic Problem

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img Point D in the above PPF figure is
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D

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. Assume that an association of young workers has lobbied the federal government to require that all workers retire once they reach the age of fifty. What impact would this law have on the nation's production possibilities frontier?
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E

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img The figure above shows the production possibilities frontier for a country. A combination of 2 million litres of milk and 2 million litres of ice cream is
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C

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. When all of the available factors of production are being efficiently employed, the
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Consider a production possibility frontier with jeans on the vertical axis and shoes on the horizontal axis. As the country moves along the frontier closer to the horizontal axis,
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Which of the following is an assumption used when drawing a production possibilities frontier? i. Human wants and desires are limited to what is available. ii. Only two goods are considered. iii. The level of technology is fixed and unchanging.
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In the production possibilities frontier model, an unattainable point lies
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The production possibilities frontier illustrates the
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img The table above gives four production possibilities for aeroplanes and cruise ships. In possibility A, how many resources are devoted to the production of cruise ships?
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Australia produced approximately ________ worth of goods and services in 20171.
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img The table above gives four production possibilities for aeroplanes and cruise ships. In possibility A, how many resources are devoted to the production of aeroplanes?
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img The figure above shows the production possibilities frontier for a country. A combination of 3 million litres of milk and 3 million litres of ice cream is
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img The figure above shows the production possibilities frontier for a country. In order for it to produce at point E, the
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When production efficiency does NOT occur, i. an economy is producing at a point within its PPF. ii. there are unemployed resources. iii. allocative efficiency cannot occur.
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img Which point in the figure above is an attainable combination that would have unemployed resources?
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Suppose a country operates on its production possibility frontier when it produces 1,000 books and 1,000 tables. The combination of ________ reflects ________.
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Suppose that an economy is currently producing at a point that lies inside of its production possibilities set. Which of the following would best explain this circumstance?
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If a society moves from a period of time with significant unemployment to a time with full employment, its production possibilities frontier will
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A production possibilities frontier shows
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img The figure above shows the production possibilities frontier for a country. A combination of 4 million litres of milk and 4 million litres of ice cream is
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