Chapter 2 Thinking Like an Economist

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Question # 00039608 Posted By: solutionshere Updated on: 01/01/2015 07:29 AM Due on: 01/01/2015

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Figure 2-4

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

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

166. Refer to Figure 2-4. It is notpossible for this economy to produce at point

167. Refer to Figure 2-4. This economy cannot currently produce 30 notepads and 45 lamps because

a.	some of its resources are unemployed.
b.	inefficiencies exist in this economy’s production process.
c.	given its current technology, it does not have the resources to produce that level of output.
d.	All of the above are correct.

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

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.
c.	There is widespread unemployment in the economy.
d.	Any of the above statements would be a legitimate explanation for this situation.

169. Refer to Figure 2-4. Efficient production is represented by which point(s)?

170. Refer to Figure 2-4. Inefficient production is represented by which point(s)?

171. Refer to Figure 2-4. The opportunity cost of this economy moving from point Z to point Y is

172. Refer to Figure 2-4. The opportunity cost of obtaining 20 additional lamps by moving from point W to point V is

a.	0 notepads.
b.	10 notepads.
c.	50 notepads.
d.	None of the above; the economy cannot move from point W to point V.

173. Refer to Figure 2-4. The opportunity cost of obtaining 10 additional lamps by moving from point W to point Z is

a.	0 notepads.
b.	10 notepads.
c.	50 notepads.
d.	None of the above; the economy cannot move from point W to point Z.

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Solution: Chapter 2 Thinking Like an Economist

Tutorial # 00038854 Posted By: solutionshere Posted on: 01/01/2015 07:30 AM

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economic models TOP: Production possibilities frontier MSC: Applicative 165. Refer to ...

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