Any point on the production possibilities frontier represents a point of: O allo

Question

Any point on the production possibilities frontier represents a point of: O allocative efficiency O unemployment infeasibility productive efficiency In discussing the historical evolution from feudalism to market-based society, Heilbroner suggests that there were several "forces of change" that played a role. These forces included: a. Urbanization, interest rates, and usury b. Itinerant merchants, urbanization, and Calvinism. c. Demand, monetization, and fiscal policy d. Guilds, manorial estates, and the Catholic Church c c d . According to Heilbroner, there are two key tasks/problems that all societies face. These are: a. Maintaining low interest rates and low inflation. b. Maintaining demand and supply c O c. Production and distribution. d. The law of demand and the law of supply.

Explanation / Answer

1) Correct answer is productive efficiency. Any point on the production possibilities frontier represents a point of productive efficiency. If the economy is producing a combination of goods that is falling on the boundary of PPF, it is said to achieve productive efficiency. It is impossible to produce more of one good without reducing the quantity of the other good(with the available inputs and technology)

2) The correct answer is itinerant merchants, urbanisation and calvinism. These were the forces of change that lead to the transformation from feudalism to a market based society.

3) The correct answer is production and distribution.(Producing enough goods and distributing them)

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