Macro 1st Assignment

Macro 1st Assignment - Point y Point v C is equally...

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Valencia Community College - Orlando Campus ECO2013: Principles of Macroeconomics Production Possibilities Curve/Frontier HW (3%) Assignment # 1 Last Name, First Name: Mojocoa, Gabriel CRN: 26422 Date: 1/24/11 1. Which of the following is true given the production possibilities shown? B) Point B represents greater warhead production than does Point A. 2. Suppose that it is government policy to use resources efficiently. What should the government do? A) Specialize in warhead production. 3. Becky's maximum production of clogs per hour is represented by point E) w. 4. Becky's maximum production of sandals per hour is represented by point C) v. 5. Point u is a(n) __________ point in relation to the production possibilities curve. C) unattainable 6. Of the labeled points, ______________ are attainable D) only w, x, y, z, v, and t 7. Of the labeled points, ______________ are efficient. E) only w, x, y, z, and v 8. Point t is __________ while point u is __________. B) inefficient; unattainable 9.
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Unformatted text preview: Point y ___________________________ Point v C) is equally efficient as 10. A farmer has 100 acres of land on which he can grow soybeans or corn. An acre of land yields 200 bushels of soybeans or 100 bushels of corn. The above figure refers to the farmer's A) production possibilities curve. 11. If the farmer is producing 5000 bushels of soybeans at point "b" in the above figure, we know that A) the farmer is not using his resources efficiently. 12. In the above figure, which of the following points indicates the efficient use of resources? A) a 13. The shape of the production possibilities curve in the above figure indicates that B) production of both corn and cloth is characterized by increasing costs. 14. Between points "b" and "c" in the above figure, the opportunity cost of another bushel of corn is B) 1.25 yards of cloth. 15. Which of the following would NOT allow society to move to point "h" in the above figure? B) More efficient use of current resources...
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This note was uploaded on 03/27/2012 for the course ECONOMICS 2023 taught by Professor Dyer during the Spring '12 term at Valencia.

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Macro 1st Assignment - Point y Point v C is equally...

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