Question : 21) Production efficiency occurs A) anywhere inside or the production : 1228162

 

 

21) Production efficiency occurs

A) anywhere inside or on the production possibilities frontier.

B) when the total cost of production is minimized.

C) at all points on the production possibilities frontier.

D) at only one point on the production possibilities frontier.

E) at all points inside the production possibilities frontier.

 

22) 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 can not occur.

A) i only

B) i and ii

C) iii only

D) i and iii

E) i, ii, and iii

23) If there is unemployment in an economy, then the

A) production possibilities frontier will shift inwards.

B) economy is operating at an unattainable point.

C) production possibilities frontier will shift outwards.

D) economy is producing at a point inside the production possibilities frontier.

E) production possibilities frontier must be bowed inward.

 

24) If a society moves from a period of time with significant unemployment to a time with full employment, its production possibilities frontier will

A) shift leftward.

B) shift rightward.

C) not shift because the society moves from one point on the frontier to a point inside the frontier.

D) not shift because the society moves from a point inside the frontier to a point on the frontier.

E) not shift because the society moves from one point on the frontier to a point outside the frontier.

 

25) A point on the production possibilities frontier reflects an

A) attainable point with full employment of all resources.

B) attainable point without full employment of all resources.

C) unattainable point with full employment of all resources.

D) unattainable point without full employment of all resources.

E) None of the above answers are correct.

26) Suppose a country operates on its production possibility frontier when it produces 1000 books and 1000 tables. The combination of _________ reflects ____________

A) 500 books and 1000 tables; an inefficient but attainable point.

B) 1000 books and 500 tables; an efficient point.

C) 1000 books and 1000 tables; a free lunch.

D) 500 books and 500 tables; an attainable and efficient point.

E) 1000 books and 1500 tables; a free lunch.

 

27) Consider a production possibility frontier with books and tables. A combination of 1000 books and 500 tables is on the frontier. Which of the following are true?

i)Production of 700 books and 400 tables is attainable but inefficient.

ii)Production of 1000 books and 600 tables is unattainable.

iii)Production of 500 books and 1000 tables is inside the frontier.

A) i and ii

B) i, ii and iii

C) i and iii

D) ii and iii

E) i only

 

 

 

28) The table above shows a production possibilities frontier for an economy. Which of the following combinations is unattainable?

A) 0 loaves of bread and 800 books

B) 100 loaves of bread and 800 books

C) 200 loaves of bread and 800 books

D) 300 loaves of bread and 200 books

E) 0 loaves of bread and 0 books

29) The table above shows a production possibilities frontier for an economy. If the economy tried to produce a combination of 250 loaves of bread and 800 books,

A) there is some unemployment.

B) there is full employment.

C) the tradeoff between bread and books is inefficient.

D) it cannot produce this combination because it lacks enough resources or technology.

E) it is enjoying a free lunch.

 

 

30) The figure above shows the production possibilities frontier for a country. A combination of 4 million gallons of milk and 4 million gallons of ice cream is

A) unattainable.

B) attainable and production efficient.

C) attainable and production inefficient.

D) unattainable and production efficient.

E) More information is needed to determine if the point is attainable or not.

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more