Production Possibilities
Multiple Choice Questions
After watching the Production Possibilities video lecture, consider the question(s) below. Then “submit” your response.
Question
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Question
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Question
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Question
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Question
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Question
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Question
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After watching the Production Possibilities video lecture, consider the question(s) below. Then “submit” your response.
Question
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Question
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
Question
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
Short Answer/Discussion Questions
After watching the Production Possibilities video lecture, consider the question(s) below. Then “submit” your response.
Question
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Suggested solution: An output combination that lies inside a PPF indicates that the economy is not using all of its inputs to produce goods and services. An output combination that lies outside the PPF is impossible because the economy has insufficient resources to produce at these levels.
Question
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Suggested solution: For an economy to grow in the long-run, it must increase its capability to produce goods and services. Such an expansion can be achieved by expanding the inputs available to the economy and/or by deploying technology that enable producing more output with existing inputs. Economic growth is depicted on a PPF as a movement of the PPF curve away from the origin.
Question
4AsRfdFWwyJ5dg4aW/pMqmsd1cU7kGeEtqWec1zDlGucGNrY7fPY/h1kn//elCY/vi3IBhW8eHd26OqzQxqGAGMGrA0geT5cLrpCs3xcaED5GwbfckDIdD4cSoX3v83wBA0bJLZbKabgW6L0ECf6HMcCHxLk6oPy2NPsWeUKht205QfklkJm6142Snm2jVX7LWifUZ3JWfCndJxURJUprgX5SMjxhPLjeF8L4If4CG6tDnK7gwDCiQ==
Suggested solution: As an economy is recovering, previously idle or underutilized resources become active and begin contributing to economic output. Examples of this phenomenon include unemployed people returning to work, empty stores becoming utilized, and previously idle factories again producing products. This is represented on a PPF by movement from a point inside the PPF to a point closer to or on the PPF.