03 Jun Question Question 1 Following is the production possibilities f
Question
Question 1
Following is the production possibilities frontier for an economy producing two goods Good A and Good B. Identify the correct statement.Production Possibilities Schedule Good A Good BChoice 1 100 0Choice 2 90 20Choice 3 70 40Choice 4 40 60Choice 5 0 80Select one:a. The opportunity cost of producing more of A decreases as A increases.b. The opportunity cost of producing more of B decreases as B increases.c. If this economy fully and efficiently employs all its resources, it can produce 100 units of A and 80 units of B.d. This economy can produce 70 units of A and 40 units of B.e. This economy can produce 100 units of A and 20 units of B.
Question 2Which of the following conditions will be true for a nation operating at a point lying inside its production possibilities frontier?Select one:a. The nation is not utilizing its resources efficiently.b. The nation is producing the maximum output that can be produced with a limited quantity of resources.c. The nation is producing the maximum output that can be produced with its unlimited quantity of resources.d. The nation is clearly utilizing its resources efficiently.e. The nation has experienced a technological breakthrough in one of its key industries
. Question 3A point outside the production possibilities frontier [PPF]Select one:a. is attainable if all resources are used efficientlyb. will never be attainable, even if the quantity of resources increasesc. represents inefficient use of resourcesd. represents more resources than are currently availablee. may be due to unemployment
Question 4If the production (supply) of two goods is complementary, a decrease in the price of one willSelect one:a. decrease supply of the otherb. increase supply of the otherc. decrease the price of the otherd. increase the quantity supplied of the other Question 5Demand for goods and services (feedstocks) that go into final products (such as milk into ice cream) isSelect one:a. direct demandb. utilityc. derived demandd. product demand
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