ScholarMatic: Explanation & Answer
Your ready answer from a verified tutor is just a click away for as little as $14.99
Click Order Now to get 100% Original Answer Customized to your instructions!
Which of the following statements is (are) correct?
(x) The production
possibilities frontier (PPF) is a graph that shows the various combinations of output the economy can possibly produce given the available resources and technology.
(y) An economic outcome is said to be efficient if the economy is getting all it can from the scarce resources it has available.
(z) On a production possibilities frontier (PPF), production is inefficient if the production point is on the PPF and efficient if the production point is outside the PPF.
A. (x), (y) and (z)
B. (x) and (y), only
C. (x) and (z), only
D. (y) and (z), only
E. (y) only
Which of the following statement(s) are correct?
(x) Factors of production are inputs into the production process and they include natural resources, labor and capital.
(y) Physical capital includes buildings, machinery and tools but not money because money is not an input in the production of goods and services
(z) In general, an economy would expect to be able to increase the amount of production if the available factors of production increased in quantity.
A. (x), (y) and (z)
B. (x) and (y), only
C. (x) and (z), only
D. (y) and (z), only
E. (z) only
ScholarMatic: Explanation & Answer
Your ready answer from a verified tutor is just a click away for as little as $14.99
Click Order Now to get 100% Original Answer Customized to your instructions!
