In: Computers and Technology

Submitted By fegonzalez23724
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Pages 46
Chapter 2—Production Possibilities Frontier Framework


1. Points outside (or beyond) the PPF are a. | attainable. | b. | unattainable. | c. | efficient. | d. | inefficient. |

ANS: B PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic LOC: DISC: Scarcity, tradeoffs, and opportunity cost KEY: Bloom's: Comprehension

2. Which of the following statements is true? a. | In a world of efficiently used scarce resources, more of one good necessarily means less of some other good. | b. | The law of increasing opportunity costs assumes that all people have the same ability to produce goods. | c. | Efficiency implies that it is impossible to get more of one good without getting less of another. | d. | Even if a country has unemployed resources, it can still be operating on its production possibilities frontier (PPF). | e. | a and c |

ANS: E PTS: 1 DIF: Difficulty: Challenging NAT: BUSPROG: Analytic LOC: DISC: Efficiency and equity KEY: Bloom's: Comprehension

3. Through war, many of the factories in country 1 are destroyed and many of its people are killed. As a result, the country's a. | production possibilities frontier (PPF) after the war has probably shifted to the right compared to its PPF prior to the war. | b. | PPF after the war has probably shifted to the left compared to its PPF prior to the war. | c. | PPF after the war is probably the same PPF as before the war. | d. | ability to produce goods and services has increased. | e. | b and d |

ANS: B PTS: 1 DIF: Difficulty: Moderate NAT: BUSPROG: Analytic LOC: DISC: Scarcity, tradeoffs, and opportunity cost KEY: Bloom's: Application

4. The economy moves from point A, where it produces 100X and 200Y, to point B,…...

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