Production possibility frontier .

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Chapter 1.2, Problem 4QQ

To determine

Production possibility frontier.

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Consider a Production Possibility Frontier that bows outward. Suppose the production of one good increases. As a result opportunity cost of producing this good will __________ because productive resources ___________________ in their suitability for producing different kinds of goods. A. increase; differ B. decrease; are the same C. increase; are the same D. decrease; differ

If an economy is operating at a point inside the production possibilities curve?a.its resources are not being used efficiently. b.This is a trick question because an economy cannot produce at a point inside the curve. c.the curve will begin to shift inward. d.the curve will begin to shift outward.

In deciding to produce a given good, an individual would always choose A. The process that uses the most capital goods B. The most productive process available C. The shortest and most productive process available D. The shortest process available