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AssignmentII - ARE 201 Introduction to Agricultural...

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ARE 201: Introduction to Agricultural & Resource Economics, Spring 2008 Assignment II (Chapter 3) 1) The figure above shows a nation's production possibilities frontier. In the figure, point A shows A) the minimum quantity of pizza that can be produced. B) an unattainable point. C) the maximum quantity of pizza that can be produced. D) an attainable point with unemployed resources. E) More information is needed to determine which of the above answers is correct. 2) The figure above shows a nation's production possibilities frontier. In the figure, point B shows 3) Why is a production possibilities frontier bowed out? 1
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4) If the production possibilities frontier between two goods were a straight line, then the opportunity cost of one good in terms of another would be 5) The figure above shows the production possibilities frontier for a country. A combination of 4 million gallons of milk and 4 million gallons of ice cream is A) unattainable. B) attainable and has full employment of all resources. C) unattainable because it has less than full employment of all resources. D) attainable and has less than full employment of all resources. E) More information is needed to determine if the point is attainable or not 6) The figure above shows the production possibilities frontier for a country. A combination of 2 million gallons of milk and 2 million gallons of ice cream is 2
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