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Which of the following is likely to affect the position and shape of society's production possibilities frontier?
a. volume of physical resources
b. level of labor skills
c. level of technology
d. amount of factories on hand
e. All of the above are correct.
142. The notion of opportunity cost can be represented graphically by the
a. area inside the production possibilities frontier.
b. slope of the production possibilities frontier.
c. vertical distance from the horizontal axis to the production possibilities frontier.
d. horizontal distance from the vertical axis to the production possibilities frontier.
e. sum of the horizontal and vertical distances to the production possibilities frontier.
143. From the data given in Table 3-2, the opportunity cost of increased cotton in moving from A to B is
a. 16 units of corn.
b. 31 units of corn.
c. 15 units of corn.
d. 4 units of corn.
e. 1 unit of corn.
144. In Table 3-2, from point C, the opportunity cost of 3 more units of cotton would be
a. 4 units of corn.
b. 8 units of corn.
c. 14 units of corn.
d. 16 units of corn.
145. All of the points inside a production possibilities frontier are ____; all of the points outside the production possibilities frontier are ____.
a. efficient, inefficient
b. optimal, irrational
c. attainable, unattainable
d. rational, zero-cost
e. unattainable, efficient
146. A production possibilities curve has a downward slope because
a. increased production of one good always reduces the additional profit of production.
b. decreased production of one good is associated with lower profit from that good.
c. economists have a negative view of life and human nature.
d. increased production of one good always reduces production of the other.
e. increased production of one good necessarily causes production of other goods to increase.
147. If production involves constant opportunity cost, the production possibilities curve
a. is "bowed inward."
b. is a straight line.
c. is "bowed outward."
d. is a wavy line.
e. has an unpredictable shape.
148. If production involves decreasing opportunity cost, the production possibilities curve
a. is "bowed inward."
b. is a straight line.
c. is "bowed outward."
d. is a wavy line.
e. has an unpredictable shape.
149. The opportunity cost of increased production of some good can be measured with
a. the slope of a ray to the production possibilities curve.
b. the area under the curve of a production possibilities curve.
c. the area of the rectangle bounded by the axes and the point on the production possibilities curve.
d. the slope of the production possibilities curve.
e. All of the above are correct.
150. Which principle states that as the production of one good expands, the opportunity cost of producing another unit of this good generally increases?
a. Principle of total cost
b. Principle of increasing cost
c. Principle of opportunity cost
d. Principle of increasing marginal utility
Dec 16 2019 Read more Less More
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