canvas.northseattle.edu Microeconomics Midterm Chapter 2 Flashcards | Qui.. econ
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canvas.northseattle.edu Microeconomics Midterm Chapter 2 Flashcards | Qui.. economics assignment canvas exam - Google Sea. O Increasing the amount of resources devoted to the production of military goods Increasing the human capital of its labor force Question 16 0.1 pts Productive efficiency O is represented by the points outside and to the right of the Production Possibilities Frontier. O means that all the economy's resources are fully employed using the current technology O requires developing new technology and better human capital in the Production Possibilities Frontier model. O applies to points inside the Production Possibilities Frontier as well as points along the frontier O means there is no opportunity cost to increasing production. 0.1 pts D Question 17 The concave shape of the Production Possibilities Frontier indicatesExplanation / Answer
Answer 16 : Production efficiency means that all the economic resources are fully employed using the current technology. It is used to show that various possible combination of goods and services produced within a particular period of time within a given technology and resources.
Answer 17 : The concave shape of the production possibility frontier indicated the law of increasing oppournity cost. As the production possibility curve is downward sloping it means that one more unit of production increases the sacrificing of more another units.
Answer 18 : The statement is True that when the firm has an absolute advantage when it can produced a product it is not necessary to have comparative advantages also. A nation might have an absolute advantage but not a comparative advantage in the production of a given product.A country enjoyed an absolute advantage over another country when they used fewer resources to produce that product from another country.
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