4. activity increases by progressively smaller amounts. b. attainable point without full employment of all resources B)the points along and inside the production possibility frontier. Select one: a. attainable and inefficient. 3.1 PRODUCTION POSSIBILITIES The line through the points is the PPF. Each point on the graph represents a column of the table. B) only inside the production possibilities frontier. The points that lie inside the PPC means that the actual production is falling short of its capabilities and there is a wastage or inefficient utilization of resources. _____21. A: Elastic demand is when the change in quantity demand will be greater than the change in price. A point on the production possibilities frontier reflects an A. attainable point with full employment of all resources B. attainable point without full employment of all resources C. unattainable point with full employment of all resources D. unattainable point without full employment of all resources _____22. Since the production possibilities frontier represents all of the points where all resources are being used efficiently, it must be the case that this economy has to produce fewer guns if it wants to produce more butter, and vice versa. Production Possibility Frontier (PPF or PPC) PPF is the curve that shows the best (maximum) combinations of two outputs that an economy can produce given three assumptions: 1) Technology is fixed; 2) Resources are fixed; and 3) Resources are used at their fullest. 19)The Great Depression of the 1930s with a large number of workers and factories unemployed would be, represented in a production possibilities frontier graph by, 2 shows the output per day of two gardeners, George and Jack. E) There are no unattainable points in the production possibilities model. Practice Problems Ch. To access Internet services, consumers must use a computer. – Any point on the frontier such as E and any point inside the PPF such as Z are attainable. Suppose the frice elasticity of demand for commodity M is less than one. Learning Contents: ... Attainable combinations of Output: All points on the PPC or inside the PPC are attainable or achievable combinations of output, with the given resources and technology. A point inside of the production possibilities curve is inefficient because it is possible to produce more of one or both goods without opportunity cost. A: the points outside the production possibilities frontier. C)the points outside the area enclosed by the production possibilities frontier. -c. unattainable point with full employment of all resources Production-Possibility Frontier delineates the maximum amount/quantities of outputs (goods/services) an economy can achieve, given fixed resources (factors of production) and fixed technological progress.Points that lie either on or below the production possibilities frontier/curve are possible/attainable: the quantities can be produced with currently available resources and technology. 18)Which of the following would shift a nation's production possibilities frontier inward? How. The production possibilities frontier: A) refers to the technology used in such goods as computers and military aircraft. Points that lie above the production possibilities frontier/curve are not possible/unattainable because the quantities cannot be produced using currently available resources and technology. Therefore, the firm’s margin... Q: 32. Producing one good always creates a trade off over producing another good. Test Bank for Microeconomics 12th Edition by Michael Parkin Order will Be Deliver in 2 To 4 Hours Sample Questions Microeconomics, 12e (Parkin) Chapter 2 The Economic Problem 1 Production Possibilities and Opportunity Cost 1) The production possibilities frontier is the boundary between A) those combinations of 3 Supply and Demand, Florida International University • ECO 2023, Des Moines Area Community College • ECN 100. 9. Hence, all points in PPF are efficient and a movement between one efficient point to another, means that more of one product is … A point or combination that is on the production possibilities frontier is a) attainable and efficient. Solution for 24, A point on the production possibilities frontier reflects an (a attainable point with full employment of all resources b. attainable point… All choices along the curve shows production efficiency of both goods. 3.1 PRODUCTION POSSIBILITIES The PPF puts three features of production possibilities in sharp focus: • Attainable and unattainable combinations • Full employment and unemployment • Tradeoffs and free lunches The production possibilities curve is also called the PPF or the production possibilities frontier. c. unattainable Introducing Textbook Solutions. 24, A point on the production possibilities frontier reflects an a attainable point with full employment of all resources b. attainable point without full employment of all resources -c. unattainable point with full employment of all resources d. unattainable point without full employment of all resources A society that is producing its maximum combination of goods and using all available resources for production: We conclude that attainable combination points are ( on/inside/outside ) the horizontal or the production possibilities are. ) an outward shift of a nation 's production possibilities diagram are the firm ’ margin. 2023, Des Moines area Community College • ECN 100 the boundary between attainable combinations not producing at its advantage... 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