Question : Figure 2-2 Figure 2-2 above shows the production possibilities frontier for : 1387298

 

 

Figure 2-2

 

 

Figure 2-2 above shows the production possibilities frontier for Mendonca, an agrarian nation that produces two goods, meat and vegetables.

 

19) Refer to Figure 2-2.  What is the opportunity cost of one pound of vegetables?

A) pound of meat

B) 1.2 pounds of meat

C) pounds of meat

D) 12 pounds of meat

 

20) Refer to Figure 2-2.  What is the opportunity cost of one pound of meat?

A) pound of vegetables

B) pounds of vegetables

C) 1.6 pounds of vegetables

D) 16 pounds of vegetables

 

 

21) Refer to Figure 2-2.  Suppose Mendonca is currently producing 60 pounds of vegetables per period. How much meat is it also producing, assuming that resources are fully utilized?

A) 45 pounds of meat

B) 75 pounds of meat

C) 80 pounds of meat

D) 100 pounds of meat

 

 

22) Refer to Figure 2-2.  If Mendonca chooses to produce 160 pounds of vegetables, how much meat can it produce to maximize production?

A) 0 pounds of meat

B) 30 pounds of meat

C) 60 pounds of meat

D) 120 pounds of meat

 

23) Refer to Figure 2-2.  If Mendonca chooses to produce 120 pounds of meat, how much vegetables can it produce to maximize production?

A) 0 pounds of vegetables

B) 60 pounds of vegetables

C) 100 pounds of vegetables

D) 160 pounds of vegetables

 

 

24) Refer to Figure 2-2.  The linear production possibilities frontier in the figure indicates that

A) Mendonca has a comparative advantage in the production of vegetables.

B) Mendonca has a comparative disadvantage in the production of meat.

C) the tradeoff between meat and vegetables is constant.

D) it is progressively more expensive to produce meat.

 

 

25) A production possibilities frontier with a bowed outward shape indicates

A) the possibility of inefficient production.

B) constant opportunity costs as more and more of one good is produced.

C) increasing opportunity costs as more and more of one good is produced.

D) decreasing opportunity costs as more and more of one good is produced.

 

26) Increasing opportunity cost is represented by a ________ production possibilities frontier.

A) linear

B) bowed in

C) bowed out

D) vertical

 

 

27) The slope of a production possibilities frontier

A) has no economic relevance or meaning.

B) is always constant.

C) is always varying. 

D) measures the opportunity cost of producing one more unit of a good.

 

 

28) ________ marginal opportunity cost implies that the more resources already devoted to any activity, the payoff from allocating yet more resources to that activity increases by progressively smaller amounts.

A) Increasing

B) Decreasing

C) Constant

D) Negative

 

29) If opportunity costs are constant, the production possibilities frontier would be graphed as

A) a ray from the origin.

B) a positively sloped straight line.

C) a negatively sloped curve bowed in toward the origin.

D) a negatively sloped straight line.

 

 

 

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