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FEE Production Possibilities Frontier (PPF) Flashcards | StudBud
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FEE Production Possibilities Frontier (PPF)
FEE Production Possibilities Frontier (PPF)
16 terms
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Flashcards
16 cards
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Questions
16
Answers
1
Which point demonstrates efficient use of resources?
e
only b
a
b, c, & d
2
Begin at the ppf labeled
ef
.
What point(s) represents economic growth due to additional labor inputs from immigration?
ef
gh
cd
a
3
Which factor of production would include fork lifts controlled by robotics, air conditioning systems & bar code readers?
Capital
Entrepreneurship
Land
Labor
4
Begin at the ppf labeled
ef
.
What point(s) represents technological improvement that only impacts consumer good output?
b
gh
cd
eh
5
Why do some production possibilities curves bow outward?
To produce more of a good a constant amount of another must be sacrificed
Production takes time.
To produce more of a good a increasing amount of another must be sacrificed
Increasing wants need to be satisfied.
6
Which point indicates that resources are NOT fully utilized or are inefficient?
a
c
b
e
7
Begin at the ppf labeled
ef
.
What point(s) represents brain drain from a community with poor public safety services?
b
cd
a
gh
8
Any production point outside the production possibilities frontier
is attainable only if prices fall.
is attainable only if prices rise.
is currently unattainable.
is associated with unused resources.
9
Which of the following is a correct statement about production possibilities frontiers at a given moment in time?
An economy can produce at any point inside or outside a PPF.
An economy can produce at any point inside the PPF, but not on or outside.
An economy can produce at any point on or inside the PPF, but not outside.
An economy can produce only on the PPF.
10
In order to gain 1 calzone, society must sacrifice
12 pizza
10 pizza
1 pizza
2 pizza
11
In the figure, moving from point d to point a requires
A decrease in unemployment
Technological change
Both capital accumulation and a decrease in unemployment
Decreasing output of cider to boost the output of cheese
12
The movement from point c to point a could be caused by
unemployment of resources
an improvement in efficiency
economic growth
an advance in production technology
13
Which point demonstrates unemployment of workers?
b
a
e
C
14
What point represents a point that is unattainable given the current level of resources?
C
a
b
e
15
What is the opportunity cost of moving production point b to point c?
2 cheese
6 cider
12 cider
13 cheese
16
Suppose a country is at point d. A movement to point ________ means that the country ________.
c; gains more cheese and cider at the same time
b; must give up 12 cider to increase cheese production
a; is producing at an inefficient point
f; is not operating efficiently
