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The Production Possibilities Frontier
Contents:


  1. Production possibility frontiers | Economics Online
  2. 2.2 The Production Possibilities Frontier and Social Choices
  3. Constructing a Production Possibilities Curve

D the consequences of technological improvement. E unemployed resources at D. Table 2. What does point C mean? A If 8 units of X are produced, then at least 28 units of Y can be produced. B If 8 units of X are produced, then at most 28 units of Y can be produced. C If 28 units of Y are produced, then more than 8 units of X can be produced. D If 8 units of X are produced, then only 36 units of Y can be produced. E There is unemployment at this point. The opportunity cost of increasing the production of X from 8 to 12 units is A 4 units of X.

B 4 units of Y. C 8 units of Y. D 12 units of Y. E 16 units of Y. The opportunity cost of increasing the production of Y from 16 to 36 units is A 4 units of X. B 8 units of X. C 12 units of X. D 16 units of X. B constant opportunity cost in the production of X. C constant opportunity cost in the production of Y.

D increasing opportunity cost. E initially increasing, then decreasing opportunity cost. B attainable but leaves some resources unused or misallocated or both. E outside the PPF. As we increase the production of X, A the amount of Y that is given up for each additional unit of X decreases. B the output of Y increases. C the opportunity cost of each additional unit of X increases. D unemployment increases. E the amount of X increases at an increasing rate. B the economy illustrated has a comparative advantage in the production of X.

C the opportunity cost of producing an additional unit of Y increases as the production of Y increases. D the opportunity cost of producing an additional unit of Y decreases as the production of Y increases. E none of the above. B negatively sloped and bowed inward. C negatively sloped and bowed outward. D positively sloped for X and negatively sloped for Y. E a horizontal line.

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Production possibility frontiers | Economics Online

B attainable but leaves some resources misallocated. C on the production possibilities frontier between points C and D. D inside the PPF. E possible if we reduce the amount of capital goods. In moving from combination B to combination C, the opportunity cost of producing one additional unit of guns is A 2 kilograms of butter.

C 6 kilograms of butter. E 3 kilograms of butter. According to this production possibilities frontier, A a combination of 6 kilograms of butter and 1 gun leaves some resources unused. B a combination of 0 butter and 4 guns is attainable. C resources are equally useful in all activities. D the opportunity cost of producing guns increases as more guns are produced. E the opportunity cost of producing guns decreases as more guns are produced.

In moving from combination C to combination B, the opportunity cost of producing one additional hockey stick is A 2 maple leaves. C 6 maple leaves. E 3 maple leaves. Student for the typical week: 54 Refer to Table 2. Complete the following sentence. The production possibilities frontier in the table shows A increasing opportunity cost.

B learning-by-doing. D under-utilization of resources. E decreasing opportunity cost. B comparative advantage. C absolute advantage.


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D marginal benefit. E preferences. B decreases. C remains constant. D initially decreases, then increases. E decreases but at an increasing rate. Which point is unattainable? Marginal cost A is the opportunity cost of producing one more unit of a good or service. B is unrelated to the production possibilities frontier. C always equals marginal benefit.

D remains constant. E is always greater then marginal benefit. Answer: A Diff: 1 Type: MC Topic: Using Resources Efficiently 2 The quantity of shoes produced is measured along the x-axis of a bowed-outward production possibilities frontier and the quantity of shirts produced is measured along the y-axis. As you move down towards the right along the production possibilities frontier, the marginal cost of A a pair of shoes decreases.

B a pair of shoes increases. C a shirt remains constant. D a shirt increases or decreases but we don't know for sure. E a pair of shoes and a shirt is equal at the midpoint between the x-axis and the y-axis. The marginal benefit curve shows the benefit firms receive by producing another unit of a good. Marginal benefit increases as more and more of a good is consumed. Marginal benefit is the maximum amount a person is willing to pay to obtain one more unit of a good. B scarcity. C marginal benefit. D marginal cost. As you consume more and more of a good, A marginal benefit increases.

B marginal benefit decreases. C marginal benefit always equals marginal cost. D marginal benefit increases or decreases depending on where you are on the production possibilities frontier. E the price of the good falls. B shows the most a consumer is willing to pay for one more unit of that good. C is upward-sloping. D is bowed outward. B the bicycles that people are willing to forgo to get another bottle of pop.


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C the bottles of pop that people must forgo to get another bicycle. D that the benefits of producing more bicycles is greater than the benefits of producing more pop. E that the benefits of producing more pop is greater than the benefits of producing more bicycles. B more bicycles must be produced to reach the efficient level of output. C fewer bicycles must be produced to reach the efficient level of output. D the economy is efficient at this level of production of bicycles. E both A and B. D the economy is very efficient at this level of production of bicycles.

B willingness to pay. D opportunity cost. E expenditure. B we cannot produce more of any one good without giving up some other good. C goods and services are produced at the lowest possible cost and in the quantities that provide the greatest possible benefit. D opportunity cost is zero. B increases and marginal cost decreases. C decreases and marginal cost increases. D decreases and marginal cost decreases. E decreases and marginal cost is zero. As the production of skirts increases, the marginal benefit from skirts A increases and marginal cost is constant. B is constant and marginal cost decreases.

E decreases and marginal cost is constant. B marginal benefit is at its maximum. C marginal benefit exceeds marginal cost by as much as possible. D marginal cost exceeds marginal benefit by as much as possible. E marginal cost is at its minimum. Marginal benefit from food crops A equals the marginal cost of food crops. B remains constant as the quantity of food crops increases from 1 tonne a day to 2 tonnes a day. C cannot be calculated from the table. D increases as the quantity of food crops increases from 1 tonne a day to 2 tonnes a day.

E equals 70 barrels of ethanol. B a movement along the production possibilities frontier. C a point inside the production possibilities frontier. D a point outside the production possibilities frontier. E a movement from a point inside the production possibilities frontier to a point on the production possibilities frontier. B is using a larger proportion of resources to produce consumption goods. C will have a production possibilities frontier that is shifting out faster than country B's. D will have a higher rate of inflation than country B. E will have more unemployment than country B.

B of foreign aid to Hong Kong. C Hong Kong has fewer workers. D Hong Kong has more natural resources. E Hong Kong has devoted a larger proportion of its resources to capital accumulation. B technological change. C the big tradeoff. D allocative efficiency. B capital accumulation.

C depreciation.


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A technological change. B a drought. C a decrease in the price of natural resources. D all of the above E None of the above, because production possibilities frontiers do not shift inward. The production possibilities frontier will shift rightward most rapidly if current production is at A A. B an increase in the stock of capital. C an increase in the labour force. D opportunity cost is increasing. B change in the stock of capital. C change in the labour force. D all of the above. C reduced current consumption. D the gain in future consumption.

E all of the above. B faster the production possibilities frontier will shift outward. C faster the production possibilities frontier will shift inward. D closer it will come to having a comparative advantage in the production of all goods. E more bowed out will be the shape of the production possibilities frontier. In the north, they grow wild rice, which requires a lot of rainfall.

In the south, they grow wheat, which requires just a moderate amount of rainfall too much rainfall is bad for wheat production. One year, there is a record rainfall. This will result in A a parallel shift inward of the production possibilities frontier. B a parallel shift outward of the production possibilities frontier.

C the production possibilities frontier swiveling, with the wild rice intercept increasing, and the wheat intercept decreasing.

Production possibility frontiers

D the production possibilities frontier swiveling, with the wild rice intercept decreasing, and the wheat intercept increasing. What would be the effect of this hurricane on a production possibilities frontier consisting of consumption goods and capital goods? A It would shift outward at all points.

2.2 The Production Possibilities Frontier and Social Choices

B It would shift inward at all points. C There would be a movement along the existing production possibilities frontier towards a less capital-intensive point. D There would be a movement along the existing production possibilities frontier towards a more capital-intensive point. E There would be a movement from the existing production possibilities frontier inwards towards a point with unused or misallocated resources. Answer: B Diff: 2 Type: MC Topic: Economic Growth 15 The depletion of fish stocks in Eastern Canada, with its accompanying unemployment, will lead to a A movement from the existing production possibilities frontier to a point inside the production possibilities frontier.

B shift inward of the existing production possibilities frontier and production at a point on the new PPF. C shift outward of the existing production possibilities frontier. D movement along the existing production possibilities frontier to a point of less fish production. E shift inward of the existing production possibilities frontier plus a movement to a point inside the new production possibilities frontier. A "The firm should lower the price it charges for widgets and gadgets. We say that A has a comparative advantage in the production of good X if A A has a lower opportunity cost of producing X than B.

B A has a higher opportunity cost of producing X than B. C A can produce more units of X in a given time period than B. D A can produce X using newer technology than B. E A can produce less units of X in a given time period than B. B the amount by which A must reduce production of Y is less than the amount by which B must reduce production of Y to produce an additional unit of X. C B has superior knowledge about how to produce X. D A has a preference to consume X. E the amount by which A must reduce production of Y is more than the amount by which B must reduce production of Y to produce an additional unit of X.

B can produce the good at lower opportunity cost than anyone else. C can produce more of that good than anyone else, using the same quantity of inputs. D has exclusive rights to sell that good. E has better technology than anyone else. Answer: C Diff: 2 Type: MC Topic: Gains from Trade 4 A person who has an absolute advantage in the production of all goods will A also have a comparative advantage in the production of all goods.

B not be able to gain from specialization and trade. C produce all goods at the lowest opportunity cost. D not have a comparative advantage in the production of any goods. E have a comparative advantage in the production of only some goods and not others. Fact 2. In an eight-hour day, Rolfe can produce either 8 loaves of bread or 8 kilograms of butter.

C 3 kilograms of butter for Andy and 1 kilogram of butter for Rolfe. D 8 kilograms of butter for both Andy and Rolfe. E not calculable from the given information. B Andy has the lower opportunity cost of producing both bread and butter. C Andy has the lower opportunity cost of producing bread, while Rolfe has the lower opportunity cost of producing butter. D Andy has the lower opportunity cost of producing butter, while Rolfe has the lower opportunity cost of producing bread. E Andy has the higher opportunity cost of producing both bread and butter. Which one of the following statements is true?

A Andy has an absolute advantage in butter production. B Rolfe has an absolute advantage in butter production. C Andy has a comparative advantage in bread production. D Andy has a comparative advantage in butter production. E Rolfe has a comparative advantage in bread production. B 1 hour for Andy and 1 hour for Rolfe. D 3 loaves of bread for Andy and 1 loaf of bread for Rolfe. E 8 loaves of bread for Rolfe and 24 loaves of bread for Andy. B can gain from trade if Andy specializes in bread production and Rolfe specializes in butter production.

C cannot gain from trade. D can trade, but only Rolfe will gain. E can trade, but only Andy will gain. After specialization, total consumption will A depend on the preferences of Andy and Rolfe. B be 8 loaves of bread and 24 kilograms of butter. C be 32 loaves of bread and 16 kilograms of butter. D be 8 loaves of bread and 8 kilograms of butter. E be 24 loaves of bread and 8 kilograms of butter.

A Brenda has an absolute advantage over Agnes in the production of both goods. B Agnes has a comparative advantage in the production of Y. C Brenda has a comparative advantage in the production of X. D Brenda will not gain from trade. E Agnes will not gain from trade. D 1 hour for Agnes and 2 hours for Brenda. Given Fact 2. B there will be gains from trade only if Agnes specializes in the production of Y and Brenda in X.

C there will be gains from trade only if Agnes becomes faster at producing X. D there will be no gains from trade because Agnes has an absolute advantage. E there will be gains from trade if Agnes specializes in the production of X and Brenda in Y. B if each specializes in the production of the good for which he has the higher opportunity cost. C unless they have the same opportunity costs for producing all goods. D unless they have different opportunity costs for producing all goods.

Constructing a Production Possibilities Curve

E unless they have the same absolute advantage in producing all goods. The following table gives points on their production possibilities frontiers. Which one of the following is true? A Romulus has both an absolute advantage and a comparative advantage in the production of Y. B Romulus has both an absolute advantage and a comparative advantage in the production of X. C Vulcan has a comparative advantage in the production of X. D Romulus has a comparative advantage in the production of X.

E Vulcan should specialize in the production of X. A The opportunity cost of producing more of good X is the same for both planets. B The opportunity cost of producing more of good Y is the same for both planets. C The opportunity cost of producing more of good X is lower in Vulcan. D The opportunity cost of producing more of good Y is lower in Vulcan.

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