Production Possibilities Curves Answers

Production possibilities frontiers curve when they are charted on a graph because they showa.the underutilization of resources.b.the maximum output of goods and services.c.the increasing costs resulting in increasingly less output.d.the technological level of the economy’s productivity.

Which of the following is NOT shown on a production possibilities curve?a.all of the goods and services an economy has the ability to produceb.the efficiency of an economyc.whether an economy has grown or shrunkd.the opportunity cost of a decision to produce more of one good or service

As displayed on a production possibilities curve, what will an increase in technology allow a society to do? a. Produce more, as long as the resources are also available. c. It will not affect society’s production. b. Produce less, because more resources are spent on developing technology. d. The society will spend more on the same level of production. Please select the best answer from the choices provided

Please select the word from the list that best fits the definition

Please select the word from the list that best fits the definition

Please select the word from the list that best fits the definition

662-01-01-04-00_files/i0110000.jpg

A nation’s automakers install new robotic machinery to build cars. Now, cars take only a day to make, and the factories can produce many more cars than before. This is an example of growth caused bya.land and natural resources.c.technology.b.human capital.d.production possibility curves.

What does a production possibilities frontier show?a.scarce and less scarce resourcesb.global trade-offs and costs of doing businessc.an economy that is producing but not at the maximumd.the maximum amount that an economy can produce

The law of increasing costs means that when an economy increases the production of one itema.the opportunity cost goes up.b.the actual cost of making the item goes down.c.the actual cost goes up but the opportunity cost goes down.d.the production costs will increase also.