Unattainable given currently available technology and

unattainable given currently available technology and resources
b. attainable by more fully employing already available resources
c. attainable by using better technology which is already available
d. attainable if beef production drops to zero
e. attainable if all available resources are used to produce wheat
ANS: A PTS: 1 DIF: Difficulty: Moderate
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost TOP: Society's
Production Choices KEY: Bloom's: Application
15. Assume that U.S. agricultural land is used either to raise cattle for beef or to grow wheat. Figure 2-2
represents the production possibility frontier for beef and wheat. What is assumed constant as the

d. the level of currently available technology
e. the amount of available resources
ANS: A PTS: 1 DIF: Difficulty: Moderate
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost
TOP: Society's Production Choices KEY: Bloom's: Application
16. Assume that U.S. agricultural land is used either to raise cattle for beef or to grow wheat. Figure 2-2
represents the production possibility frontier for beef and wheat. The opportunity cost of moving from
point G to point F equals
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost TOP: Society's
Production Choices KEY: Bloom's: Application
17. The production possibilities frontier illustrates
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost TOP: Society's
Production Choices KEY: Bloom's: Knowledge
18. When there is an improvement in technology, holding all else constant,
a. the production possibilities frontier will shift inward
b. society faces larger opportunity costs from shifting productive resources from one use to another
c. goods and services will increase in price
d. the economy must have some idle resources
e. the production possibilities frontier will shift outward
ANS: E PTS: 1 DIF: Difficulty: Easy
NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost TOP: The
Search for a Free Lunch KEY: Bloom's: Comprehension
19.

NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost