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23 Nov 2019

6. If an economy experiences unemployment, its position could becharacterized by a point
a. On its production possibility curve, but on one of theaxes.
b. Outside of its production possibility curve
c. Inside its production possibility curve
d. On its production possibility curve

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Beverley Smith
Beverley SmithLv2
15 Nov 2019
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Related questions

Type of production A B C D E
Automobiles 0 2 4 6 8
Forklifts 30 27 21 12 0

To the above is a production possibilities table for consumer goods (automobiles) and capital goods ( forklifts):

a) Show this data graphically. upon what specific assumptions is this possibility curved based?
B) If the economy is at point c, what is the cost of one more automobile? of one more forklifts? which characteristics of the production curve reflects the law of increasing opportunity costs: its shape or its length?
c) If the economy characterized by this production possibilities table and curve were producing 3 automobiles and 20 forklifts, what could you conclude about its use of its available resources?
d) Is a production at a point outside the production possibilities curve currently possible? Could a future advance in technology allow production beyond the current production possibilities curve? Could international trade allow a country to consume beyond its current production possibilities curve?

Question 1

A deadweight loss occurs ________ in a market.

a. when there is underproduction or overproduction

b. only when there is underproduction

c. only when there is overproduction

d. when there is efficient production

Question 2

The value of the slope of a society's production possibility frontier is called its

a. marginal rate of transformation.

b. diminishing opportunity cost of capitalization.

c. marginal rate of substitution.

d. value of diminishing efficiency.

Question 3

When an economy is producing inside its production possibility frontier

a. it is efficient so long as it is producing what people want.

b. it must overcompensate by producing outside the curve to achieve efficiency.

c. only technological advances will allow it to increase production.

d. production inefficiency occurs.

Question 4

Which of the following is a resource as the term is used by economists?

a. land

b. buildings

c. labor

d. All of these

Can a Production Possibility Frontier ever shift inward?

a. No, an economy's capacity to produce always increases over time.

b. Yes, if new regulations restrict a country's capacity to produce goods or if a natural disaster destroys infrastructure.

c. No, but an economy can produce at a point inside of its PPF.

d. Yes, if it has underutilized resources. (Lots of unemployment, for example).

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