SB Chapter 2 Econ 2101 (questions and answers).

SB Chapter 2 Econ
2101 (questions and
answers)
The production possibilities frontier shows - answer all the possible
combinations of two outputs that can be produced using all available
resources.


True or false: Points inside the production possibilities frontier are achievable,
but still make full use of all available resources. - answer False; Points inside
the PPF are achievable, but they do not make full use of all available
resources.


The production possibilities frontier helps us answer economists' first
question—"What are the wants and constraints of those involved?"—because
it shows - answer all possible combinations of outputs that can be produced
with ideal resources.


The production possibilities frontier gives us a way to represent the ——— on
production. - answer constraints


Points that lie ——— the production possibilities frontier are unattainable. -
answer outside


The production possibilities frontier shows all the possible combinations of
outputs that can be produced using - answer all available resources


How does the production possibilities frontier help us answer economists'
second question, "What are the trade-offs?" - answer Along the PPF, in order
to get more of one thing, you must give up some of another thing.