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Chapter 2 Thinking Like an Economist

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Question;61. A production point is said to be efficient if there is no way for;the economy to produce more of one good without producing less of another.;62. If an economy can produce more of one good without giving up any of;another good, then the economy?s current production point is inefficient.;63. Unemployment causes production levels to be inefficient.;64. The opportunity cost of something is what you give up to get it.;65. The production possibilities frontier shows the opportunity cost of;one good as measured in terms of the other good.;66. When a production possibilities frontier is bowed outward, the;opportunity cost of one good in terms of the other is constant.;67. When a production possibilities frontier is bowed outward, the;opportunity cost of one good in terms of the other depends on how much of each;good is being produced.;68. When a production possibilities frontier is bowed outward, the;opportunity cost of the first good in terms of the second good increases as;more of the second good is produced.;69. When a production possibilities frontier is bowed outward, the;opportunity cost of the second good in terms of the first good increases as;more of the second good is produced.;70. A production possibilities frontier has a bowed shape if the;opportunity cost is constant at all levels of output.

 

Paper#55205 | Written in 18-Jul-2015

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