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Chapter 2 Thinking Like an Economist

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Question;51. Refer to Figure 2-14.;The opportunity cost of moving from point B to point A is zero.;52. Refer to Figure 2-14. The opportunity cost of an additional;doghouse increases as more doghouses are produced.;53. With the resources it has, an economy can produce at any point on;or outside the production possibilities frontier, but it cannot produce at;points inside the frontier.;54. Points inside the production possibilities frontier represent;feasible levels of production.;55. Points inside the production possibilities frontier represent;inefficient levels of production.;56. Points on the production possibilities frontier represent efficient;levels of production.;57. Points outside the production possibilities frontier represent;infeasible levels of production.;58. If a major union goes on strike, then the country would be;operating inside its production possibilities frontier.;59. An outcome is said to be efficient if an economy is getting all it;can from the scarce resources it has available.;60. An outcome is said to be efficient if an economy is conserving the;largest possible quantity of its scarce resources while still meeting the basic;needs of society.

 

Paper#55204 | Written in 18-Jul-2015

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