An economy produces only agricultural products (x) and manufactured goods (y). A quarter of the land in the country is arid and not suitable for agricultural products. Therefore, if half of the arid land is not used at all:
(a) The economy could be productively efficient when the opportunity cost of x (agricultural products) is infinite;
(b) The economy could be productively efficient when the opportunity cost of y (manufactured goods) is zero;
(c) The economy could be productively inefficient with infinite opportunity cost for the production of x (agricultural products);
(d) The economy could be productively inefficient with infinite opportunity cost for the production of y (manufactured goods).
An economy produces only agricultural products (x) and manufactured goods (y). A quarter of the land in the country is arid and not suitable for agricultural products. Therefore, if half of the arid land is not used at all:
(a) The economy could be productively efficient when the opportunity cost of x (agricultural products) is infinite;
(b) The economy could be productively efficient when the opportunity cost of y (manufactured goods) is zero;
(c) The economy could be productively inefficient with infinite opportunity cost for the production of x (agricultural products);
(d) The economy could be productively inefficient with infinite opportunity cost for the production of y (manufactured goods).
Related textbook solutions
Related questions
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figure: Production Possibilities Reference: Ref 2-1
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My instructor told me the right answer and told me to explain why is the B is the right answer? If u explain I would really appreciate it!!
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11. |
Between 1990 and 2010, the number of people in the world living in poverty has: |
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been cut in half. |
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doubled. |
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increased by 50%. |
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My instructor told me the right answer and told me to explain why is the A is the right answer? If u explain I would really appreciate it!!
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According to the table, the nominal GDP for 2013 is approximate: |
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My instructor told me the right answer and told me to explain why is the C is the right answer? If u explain I would really appreciate it!!
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26. |
If the cost of a typical market basket is 400 in 2018, 410 in 2019, and 405 in 2020, then during this period the economy is undergoing: |
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My instructor told me the right answer and told me to explain why is the B is the right answer? If u explain I would really appreciate it!!
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(Table) According to the table, what is the unemployment rate of this economy? |
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My instructor told me the right answer and told me to explain why is the B is the right answer? If u explain I would really appreciate it!!
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29. |
The inflation rate is 4%. Social Security payments automatically rise by 4%. This adjustment is authorized by an: |
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Score: 0 of 1 |
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34. |
We are least likely to be heading into a recession when the National Activity Index equals: |
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Score: 0 of |
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My instructor told me the right answer and told me to explain why is D is the right answer? If u explain I would really appreciate it!!
