358.Suppose a nation is currently producing at a point inside its production possibilities frontier. We know that

b. the nation is not using all available resources or is using inferior technology or both.

a. the nation is producing beyond its capacity, so inflation will occur.

c. the nation is producing an efficient combination of goods.

d. there will be a large opportunity cost if the nation tries to increase production of any good.

359.When an economy is operating inside its production possibilities frontier, we know that

a. there are unused resources or inefficiencies in the economy.

b. all of the economy's resources are fully employed.

c. economic growth would have to occur in order for the economy to move to a point on the frontier.

d. in order to produce more of one good, the economy would have to give up some of the other good.

360.It is possible for an economy to increase its production of both goods if the economy

d. moves from a situation of inefficient production to a situation of efficient production.

a. moves downward and to the right along its production possibilities frontier and the frontier is bowed outward.

b. moves upward and to the left along its production possibilities frontier and the frontier is bowed outward.

c. moves in either direction along its production possibilities frontier and the frontier is a straight line.

361.Unemployment would cause an economy to

a. produce inside its production possibilities frontier.

b. produce on its production possibilities frontier.

c. produce outside its production possibilities frontier.

d. experience an inward shift of its production possibilities frontier.

362.The production possibilities frontier provides an illustration of the principle that

a. trade can make everyone better off.

b. governments can sometimes improve market outcomes.

d. people respond to incentives.

363.The production possibilities frontier illustrates

d. None of the above is correct.

a. the trade-off between efficiency and equality.

b. the combination of output that an economy should produce.

c. the combination of output that each member of society should consume.

364.Which of the following trade-offs does the production possibilities frontier illustrate?

b. once an economy has reached the efficient points on its production possibilities frontier, the only way of getting more of one good is to get less of the other

a. if an economy wants to increase efficiency in production, then it must sacrifice equality in consumption

c. for an economy to consume more of one good, it must stop consuming the other good entirely

d. for an economy to produce and consume goods, it must sacrifice environmental quality

366.The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the

a. amount of the other good that must be given up.

b. market price of the additional amount produced.

c. amount of resources that must be devoted to its production.

d. number of dollars that must be spent to produce it.

367.The bowed shape of the production possibilities frontier can be explained by the fact that

c. the opportunity cost of one good in terms of the other depends on how much of each good the economy is producing.

b. economic growth is always occurring.

d. the only way to get more of one good is to get less of the other.

368.When a production possibilities frontier is bowed outward, the opportunity cost of producing an additional unit of a good

a. increases as more of the good is produced.

b. decreases as more of the good is produced.

c. does not change as more of the good is produced.

d. may increase, decrease, or not change as more of the good is produced.

369.If a production possibilities frontier is bowed outward, then the opportunity cost of producing more of the first good is highest when

a. the economy is producing much of the first good and little of the second good.

b. the economy is producing equal amounts of the first and second goods.

c. the economy is producing little of the first good and much of the second good.

d. None of the above is correct because the opportunity cost of producing more of the first good is constant.

370.Production possibilities frontiers are usually bowed outward. This is because.

d. resources are specialized; that is, some are better at producing particular goods rather than other goods.

a. the more resources a society uses to produce one good, the fewer resources it has available to produce another good.

b. it reflects the fact that the opportunity cost of producing a good decreases as more and more of that good is produced.

c. of the effects of technological change.

374.A production possibilities frontier can shift outward if

b. there is a technological improvement.

a. government increases the amount of money in the economy.

c. resources are shifted from the production of one good to the production of the other good.

d. the economy abandons inefficient production methods in favor of efficient production methods.

375.A production possibilities frontier shifts outward when

a. the economy experiences economic growth.

b. the desires of the economy's citizens change.

c. at least one of the basic principles of economics is violated.

d. opportunity costs are lessened.

376.In a certain economy, peanuts and books are produced, and the economy currently operates on its production possibilities frontier. Which of the following events would allow the economy to produce more peanuts and more books, relative to the quantities of those goods that are being produced now?

c. The economy experiences economic growth.

a. Unemployed labor is put to work producing peanuts and books.

b. The economy puts its idle capital to work producing peanuts and books.

377.In a certain economy, brooms and radios are produced, and the economy currently operates on its production possibilities frontier. Which of the following events would allow the economy to produce more brooms and more radios, relative to the quantities of those goods that are being produced now?

a. The economy experiences economic growth.

b. There is a technological advance in the broom industry, but the radio industry experiences no such advance.

c. There is a technological advance in the radio industry, but the broom industry experiences no such advance.

378.The country of Econoland produces two goods, textbooks and widgets. Last year, it produced 200 textbooks and 500 widgets. This year, it produced 250 textbooks and 600 widgets. Given no other information, which of the following events could not explain this change?

d. Any of these events could, in fact, explain the change.

a. Econoland experienced a reduction in unemployment.

b. Econoland experienced an improvement in widget-making technology.

c. Econoland acquired more resources.

379.Suppose an economy produces two goods, food and machines. This economy always operates on its production possibilities frontier. Last year, it produced 50 units of food and 30 machines. This year, it is producing 55 units of food and 33 machines. Which of the following events could not explain the increase in output?

b. an increase in available labor

c. an improvement in technology

d. Any of these events could explain the increase in output.

380.Suppose an economy produces two goods, food and machines. This economy always operates on its production possibilities frontier. Last year, it produced 50 units of food and 30 machines. This year it experienced a technological advance in its machine-making industry. As a result, this year the society wants to produce 55 units of food and 30 machines. Which of the following statements is correct?

d. The technological advance reduced the amount of resources needed to produce 30 machines, so these resources could be used to produce more food.

a. Because the technological advance occurred in the machine-making industry, it will not be possible to increase food production without reducing machine production below 30.

b. Because the technological advance occurred in the machine-making industry, increases in output can only occur in the machine industry.

c. In order to increase food production in these circumstances without reducing machine production, the economy must reduce inefficiencies.

381.A certain production possibilities frontier shows production possibilities for two goods: wheat and shirts. Which of the following concepts cannot be illustrated by this model?

a. the flow of dollars between sellers of wheat and shirts and buyers of wheat and shirts

b. the tradeoff between production of wheat and production of shirts

c. the opportunity cost of shirts in terms of wheat

d. the effect of economic growth on production possibilities involving wheat and shirts

384.Refer to Table 2-1. Which of the following statements is correct?

d. The opportunity cost of an additional 100 dolls increases as more dolls are produced.

a. The opportunity cost of an additional 100 dolls is constant at 50 fire trucks.

b. The opportunity cost of an additional 100 dolls is constant at 100 fire trucks.

c. Toyland's production possibilities frontier is a straight, downward-sloping line.

392.Refer to Figure 2-4. If this economy devotes all of its resources to the production of toothbrushes, then it will produce

c. 70 toothbrushes and 0 toasters.

a. 0 toothbrushes and 40 toasters.

b. 35 toothbrushes and 20 toasters.

d. 70 toothbrushes and 40 toasters.

393.Refer to Figure 2-4. It is possible for this economy to produce

a. 40 toothbrushes and 20 toasters.

b. 50 toothbrushes and 30 toasters.

c. 70 toothbrushes and 40 toasters.

395.Refer to Figure 2-4. This economy cannot currently produce 30 toothbrushes and 45 toasters because

c. given its current technology, it does not have the resources to produce that level of output.

a. some of its resources are unemployed.

b. inefficiencies exist in this economy's production process.

396.Refer to Figure 2-4. Suppose this economy is producing at point D. Which of the following statements would best explain this situation?

c. There is widespread unemployment in the economy.

a. The economy lacks the resources to produce at a more desirable point.

b. The economy's available technology prevents it from producing at a more desirable point.

d. Any of the above statements would be a legitimate explanation for this situation.

351-399 Eco

Authored by Nguyễn Thảo

English

University

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

Content View

Student View

48 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

351.Where can an economy not produce

a. inside its production possibilities frontier

b. on its production possibilities frontier

c. outside its production possibilities frontier

d. at the endpoints of its production possibilities frontier

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

352.An economic outcome is said to be efficient if the economy is

a. using all of the scarce resources it has available.

b. conserving on resources, rather than using all available resources.

c. getting all it can get from the scarce resources it has available.

d. able to produce more than what is currently being produced without additional resources.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

353.Production is efficient if the economy is producing at a point

a. on the production possibilities frontier.

b. outside the production possibilities frontier.

c. on or inside the production possibilities frontier.

d. inside the production possibilities frontier.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

354.If an economy is producing efficiently, then

a. there is no way to produce more of one good without producing less of another good.

b. it is possible to produce more of both goods without increasing the quantities of inputs that
are being used.

c. it is possible to produce more of one good without producing less of another good.

d. it is not possible to produce more of any good at any cost.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

355.An economy's production of two goods is efficient if

a. all members of society consume equal portions of the goods.

b. the goods are produced using only some of society's available resources.

c. it is impossible to produce more of one good without producing less of the other.

d. the opportunity cost of producing more of one good is zero.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

356.When an economy is operating at a point on its production possibilities frontier, then

a. consumers are content with the mix of goods and services that is being produced.

b. there is no way to produce more of one good without producing less of the other.

c. equal amounts of the two goods are being produced.

d. All of the above are correct.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

357.Efficiency is illustrated by

a. both the production possibilities frontier and the circular-flow diagram.

b. neither the production possibilities frontier nor the circular-flow diagram.

c. the production possibilities frontier only.

d. the circular-flow diagram only.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever

or continue with

Microsoft

Apple

Others

Already have an account?

Similar Resources on Wayground

49 questions

Homonym Riddles Quiz

Quiz

•

2nd Grade - University

50 questions

Present Tense 01

Quiz

•

University

47 questions

GCSE connectors Practiceb1

Quiz

•

12th Grade - University

51 questions

CORE 1 - UNIT 1 : Living Longer

Quiz

•

7th Grade - University

46 questions

Numbers from 1 to 20

Quiz

•

2nd Grade - University

50 questions

Creative Writing Diagnostic Test

Quiz

•

12th Grade - University

50 questions

RUTS Technology

Quiz

•

9th Grade - Professio...

45 questions

EVOLVE 2 FInal Exam Revision

Quiz

•

University

Popular Resources on Wayground

8 questions

Spartan Way - Classroom Responsible

Quiz

•

9th - 12th Grade

15 questions

Fractions on a Number Line

Quiz

•

3rd Grade

14 questions

Boundaries & Healthy Relationships

Lesson

•

6th - 8th Grade

20 questions

Equivalent Fractions

Quiz

•

3rd Grade

3 questions

Integrity and Your Health

Lesson

•

6th - 8th Grade

25 questions

Multiplication Facts

Quiz

•

5th Grade

9 questions

FOREST Perception

Lesson

•

20 questions

Main Idea and Details

Quiz

•

5th Grade

Discover more resources for English

20 questions

Implicit vs. Explicit

Quiz

•

6th Grade - University

20 questions

Plot structure review

Passage

•

9th Grade - University

8 questions

Personification

Quiz

•

KG - University

10 questions

Identify the Subordinating Conjunction

Quiz

•

KG - University

351-399 Eco

351.Where can an economy not produce

352.An economic outcome is said to be efficient if the economy is

353.Production is efficient if the economy is producing at a point

354.If an economy is producing efficiently, then

355.An economy's production of two goods is efficient if

356.When an economy is operating at a point on its production possibilities frontier, then

357.Efficiency is illustrated by

358.Suppose a nation is currently producing at a point inside its production possibilities frontier. Weknow that

359.When an economy is operating inside its production possibilities frontier, we know that

360.It is possible for an economy to increase its production of both goods if the economy

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for English

358.Suppose a nation is currently producing at a point inside its production possibilities frontier. We
know that