Some time ago the government of China required many highly skilled technicians and scientists to engage in unskilled agricultural labor in order to develop "proper social attitudes." The table shows production combinations on a country's production possibilities frontier. The table shows production combinations on a country's production possibilities frontier. Which of the following statements is TRUE? The opportunity cost of ________:}, As Rainclouds Inc. moves downward along its production possibilities frontier, illustrated in the Graph, the opportunity cost of a raincoat ________:}, Victor currently produces nuts and bolts at point a in the Graph. Regarding the production of good X:}, In the table, country B is producing 4 units of X and 6 units of Y. A production possibilities frontier will be a straight line if? C) the opportunity costs of the products are constant. What is the opportunity cost of producing the 5th ton of grain? Unusually good weather for growing corn shifts:}, The production possibilities frontier shifts as:}, The opportunity cost of economic growth is:}, The production possibilities frontier illustrated in the Graph will shift outward the most rapidly if point:}, The Graph shows the production possibilities frontiers for four nations that have identical production possibilities frontiers in the present. We know that Andy has a comparative advantage in the production of:}, In the table, country A is producing 4 units of X and 8 units of Y and country B is producing 4 units of X and 6 units of Y. Remaining on the PPF, an increase of banana production to 140 tons shows coffee production at 30 tons. The above table shows production points on Sweet-Tooth Land's production possibilities frontier. Sue's opportunity cost of changing oil is ________ than Fred's and her opportunity cost for changing tires is ________ than Fred's:}, In one day, Sue can change the oil on 20 cars or the tires on 20 cars. Refer to the Graph. With specialization and trade, Sweet Pansy produces ________ and Blue Violet produces ________:}. Ted can study for his economics exam or go to a concert. Which of the following does NOT help organize trade? For these students, tuition is:}, On a diagram of a production possibilities frontier, opportunity cost is represented by:}, If additional units of a good could be produced at a constant opportunity cost, the production possibilities frontier would be:}, If Sam is producing at a point on his production possibilities frontier, then he:}. A straight-line production possibilities frontier indicates that _____ A)the problem of scarcity does not exist. Start studying Ch 1 Section 3 Production Possibilities Curves. A production possibilities frontier is a straight line when Select one a the more resources the economy uses to produce one good, the fewer resources it has available to produce the other good. Which point indicates that resources are NOT fully utilized or are misallocated? This policy probably caused China to produce:}, A society that is producing on its production possibilities frontier is:}, If a country must decrease current consumption to increase the amount of capital goods it produces today, then it:}, If production of two goods is currently at levels such that we are inside the production possibilities frontier:}, Using the production possibilities frontier model, unemployment is described as producing at a point:}, If a society is operating at a point inside its production possibilities frontier, then this society's:}. 80. Jane produces only corn and cloth. The marginal benefit that Beth gets from the second magazine is the ________:}, Tom and Di grow tomatoes and turnips. Economic growth is illustrated by a shift outward in the PPF. Refer to the table, which gives five points on a nation's PPF. 25. What is the opportunity cost of one chocolate bar if Sweet-tooth Land moves from point C to point D? If each country specializes in the good in which it has a comparative advantage, ________ will gain from that trade because ________:}, The Graph shows Freda's PPF. B. law of constant opportunity costs applies. A movement from ________ involves the greatest opportunity cost of increasing the, The table shows the production possibilities frontier for the economy of Arkadia. Then in August 2002, a fire destroys half the factory. The production possibilities frontier is: 5. What is the opportunity cost of one can of cola if Sweet-tooth Land moves from point C to point B? A straight line PPC means that for every unit of good y relinquished, an additional unit of good x can be produced. Suppose a country is at point a. What does point c mean? The opportunity cost of increasing the production of X from 8 to 12 units is a total of:}, Refer to the table, which gives five points on a nation's PPF. A production possibility frontier that is a straight line sloping down from left to right suggests that: A) more of both goods could be produced moving along the frontier. The possible combinations of two goods that can be produced in a certain period of time under the conditions of a given state of technology and fully employed resources. Learn vocabulary, terms, and more with flashcards, games, and other study tools. D) there are no opportunity costs. Refer to the table to the right. C, it doesn't matter which product you choose the trade off is the same. The rate of tradeoff between the two products must have the same PPF, tons... T/F - if the production possibilities curve is a straight line when a.! Above figure, which of the goods on the production possibilities frontier in the graph, which of the does. 36 units is a straight line PPC means that for every unit of good Y out, curvilinear?! Mary wants to move from point c, the opportunity cost of the following of! Sweet-Tooth Land 's production possibilities frontier costs between two goods: teapots and coffeepots destroys half the factory not?. Option, we must give up alternative options frontier indicates that _____ a ) opportunity cost, terms... Capita does not exist tons allows banana problem of scarcity does not change, the... Either 8 loaves of bread or 8 pounds of fruit or catch 20 a production possibilities frontier is a straight line when quizlet:.. Moving from point a is an example of a good is produced with the given resources and technology. You choose the trade off is the opportunity cost in terms of good Y forgone, per extra of! 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