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QUIZ 5 - QUIZ 5 Recitation for Economics 2010-400...

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QUIZ 5 Recitation for Economics 2010-400 – Principles of Microeconomics Fall 2007 Name:____________________________ Recitation day and time: ___________ Directions : 1. Choose the best available alternative. 2. Please, write the answers on the answer sheet! 1. Which of the following concepts is NOT illustrated by the production possibilities frontier? a. efficiency b. opportunity cost c. equity d. tradeoffs 2. When a production possibilities frontier is linear it shows another. Use the graph below to answer questions 3 and 4. 3. On the production possibilities frontier shown, the economy can produce at which point or points? 4. On the production possibilities frontier shown, which point or points are inefficient? 1
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