Question

In: Economics

Use the table for the question(s) below. Combination A B C D E F G Vaccine...

Use the table for the question(s) below.

Combination	A	B	C	D	E	F	G
Vaccine doses (millions)	6	5	4	3	2	1	0
Guns	0	10,000	19,000	24,000	28,000	30,000	31,000

In the table above, the opportunity cost of vaccines

remains constant as more vaccines are produced.

remains constant as more guns are produced.

increases as more guns are produced.

increases as more vaccines are produced.

decreases as more vaccines are produced.

If the economy is currently producing at a point inside its Production Possibilities Frontier,

alternate products must be sacrificed in order for production to increase.

technology must improve in order for production to increase.

human capital must improve in order to production to increase.

more resources must be discovered in order for production to increase.

production can increase if resources are used more efficiently.

Increases in the capital stock or improvements in technology may cause

only a parallel shift inward of the Production Possibilities Frontier.

a movement to a point inside the Production Possibilities Frontier.

only a parallel shift outward of the Production Possibilities Frontier.

a movement along the frontier but not a shift of the frontier if only one type of production is favored.

both an outward shift in the frontier and a change in the overall slope of the Production Possibilities Frontier, if the change more greatly improves one type of production than the other.

Productive efficiency requires that a nation produce

at one particular point inside its Production Possibilities Frontier.

at any point outside its Production Possibilities Frontier.

the most capital goods possible.

at any point on its Production Possibilities Frontier.

at one particular point on its Production Possibilities Frontier.

Solutions

Expert Solution

Use the table for the question(s) below.

Combination	A	B	C	D	E	F	G
Vaccine doses (millions)	6	5	4	3	2	1	0
Guns	0	10,000	19,000	24,000	28,000	30,000	31,000

In the table above, the opportunity cost of vaccines

Correct Answer:- increases as more vaccines are produced

Answer:- If the economy is currently producing at a point inside its Production Possibilities Frontier,

Correct Answer:- production can increase if resources are used more efficiently.

Answer:- Increases in the capital stock or improvements in technology may cause

Correct Answer:- both an outward shift in the frontier and a change in the overall slope of the Production Possibilities Frontier, if the change more greatly improves one type of production than the other.

Answer:- Productive efficiency requires that a nation produce

Correct Answer:-
at any point on its Production Possibilities Frontier.

Rahul Sunny answered 1 year ago

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