ecn 1

Which of the following is not a result of the shift of the economy's production possibilities frontier from Graph (a) to Graph (b)?

• b. Production of four donuts and two cups of coffee becomes possible

• d. Production of one donut and four cups of coffee becomes efficient.

  
  

• whoah

• joe

Which of the following events would explain the shift of the production possibilities frontier from A to B?

• The economy's citizens developed an enhanced taste for books.

• c. The economy experienced a technological advance in the production of books.

The number of minutes needed by Barb to test a computer is

• 60

• 64

As a student, Jordyn spends 40 hours per week writing term papers and completing homework assignments. On one axis of Jordyn's production possibilities frontier (PPF) is measured the number of term papers written per week. On the other axis is measured the number of homework assignments completed per week. The PPF is a straight line if

• a. Jordyn can switch between writing term papers and completing homework assignments at a constant rate

• 
  b. Jordyn faces no trade-off between writing term papers and completing homework assignments.

When the government prevents prices from adjusting naturally to supply and demand, it

• d. adversely affects the allocation of resources.

• improves equality and efficiency.

  
  

In the markets for goods and services in the circular-flow diagram,

• households provide firms with labor, land, and capital.

  
  

• b. firms provide households with output

Which of the following transactions does not take place in the markets for factors of production in the circular-flow diagram?

• b. A woman buys corn for dinner

• d. A farmer hires a teenager to help with harvest

• . A

  
  

• B

In the short run, which of the following is not correct?

• Policies that encourage higher employment will also induce a lower rate of inflation.

  
  

• d. Increasing the money supply increases the demand for goods and services.

if the production possibilities frontier shown for Arturo is for 100 hours of production, then how long does it take Arturo to make one burrito?

• 1/3 hour

• 1/4 hour