1 answer

Please can some one check my ans

Question:

113. A production possibilities frontier shows the
A) the maximum attainable combinations of two goods that can be produced with the available resources.
B) combinations of two goods that consumers desire most.
C) maximum output of two goods that can be produced with an unlimited quantity of resources.D) demand for two goods.
114. Being on the production possibilities frontier implies that more of one good can be produced only by
A) decreasing the quantity of the other good produced.
B) increasing the quantity of the other good produced.C) lowering the price of the good.
D) raising the price of the good.
E) None Of The Above

116.An output combination is technically efficient if
A) it is possible to produce more of all goods.
B) it is possible to produce more of one good without producing less ofanother.C) it is not possible to produce more of one good without producing less of another.
D) it is not possible to produce more of one good at any cost.

117.Suppose in an economy some resources are not utilized in their most productive use. If societydecides that it wants more of one good,
A) it will have to increase the quantity of resources in the economy.
B) it will have to give up production and consumption of some other good.
C) it can only do so if technology advances.D) it can achieve this without giving up another good by employing the under-utilized resources.E) None Of The Above

118.In the production possibilities frontier framework, unemployment is represented by
A) an inward shift of the curve.B) a point located inside the curve.
C) a point located outside the curve.
D) a point located on the curve

119.Which of the following would not shift a nation's production possibilities frontier?
A) a liberal immigration policy that welcomes foreign laborB) an increase in a nation's capital stock
C) discovery of oil, a vital input in the production process
D) an increase in the general price level.

132.If the price of SUVs were to increase, we would expect:
A) the demand for gasoline to increase.
B) the demand for gasoline to decrease.
C) the supply of gasoline to increase.
D) the supply of gasoline to decrease.
E) both B and D to occur.

E) None Of The Above


Answers

113. A production possibilities frontier shows the
A) the maximum attainable combinations of two goods that can be produced with the available resources.
B) combinations of two goods that consumers desire most.
C) maximum output of two goods that can be produced with an unlimited quantity of resources.
D) demand for two goods.

- production possibilities frontiers are used by corportations to decide what products to make with their limited supply of resources,if they have an unlimited supply, there would no need to make a possibilities frontier, as the frontier would be unmeasurable.


114. Being on the production possibilities frontier implies that more of one good can be produced only by
A) decreasing the quantity of the other good produced.
B) increasing the quantity of the other good produced.
C) lowering the price of the good.
D) raising the price of the good.
E) None Of The Above

- another name for Production possibilites frontier, is production possibilites CURVE, the curve represents the increasing of onesupply of good and the decreasing of the other good. e.g. 5+5=10, if you decrease one and increase the other, you still have 10(resources), but different # of goods, 6+4=10

116.

An output combination is technically efficient if
A) it is possible to produce more of all goods.
B) it is possible to produce more of one good without producing less of another.
C) it is not possible to produce more of one good without producing less of another.
D) it is not possible to produce more of one good at any cost.

-output combination is literally means to try and find the best possible combination to improve output/production. the best wayto improve production is to create more of each product.

117. Suppose in an economy some resources are not utilized in their most productive use. If society decides that it wants more of one good,
A) it will have to increase the quantity of resources in the economy.
B) it will have to give up production and consumption of some other good.
C) it can only do so if technology advances.
D) it can achieve this without giving up another good by employing the under-utilized resources.

E) None Of The Above

- Using your resources not to its maximum potential is called underutilization. if you have underutilization, the best way toimprove that is to exploit it and "utilize" those resources more appropriately.

118.

In the production possibilities frontier framework, unemployment is represented by
A) an inward shift of the curve.
B) a point located inside the curve.
C) a point located outside the curve.
D) a point located on the curve

- Correct.

119. Which of the following would not shift a nation's production possibilities frontier?
A) a liberal immigration policy that welcomes foreign labor
B) an increase in a nation's capital stock
C) discovery of oil, a vital input in the production process
D) an increase in the general price level.

- For this question, you can eliminate two answers, A and C. A because foreign labor would help make production cheaper, so youmake more money. C because discovering oil would directly affect the economy of your country, allowing your country to improve their productionpossibilities. B and D are the remaining choices, you can eliminate B because Land, Labor, and Capital are the three FACTORS OF PRODUCTION, ifyou have more capital (money), you can invest in more resources, technology and what not...

So D is the only choice left.

132. If the price of SUVs were to increase, we would expect:
A) the demand for gasoline to increase.
B) the demand for gasoline to decrease.
C) the supply of gasoline to increase.
D) the supply of gasoline to decrease.
E) both B and D to occur.

E) None Of The Above

- If 100 people want SUV's, then 100 people need gasoline for their SUVs, thus, the demand increases. im not sure why they haveA and D on the answer list, because both are true... if you have 300 gallons of gasoline, and 100 people want a gallon, then you have 200 gallons left,which shows the supply of gasoline decreasing and the demand for gasoline increasing.

.

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