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Review Test Submission: EXAM I ch 1, 2 and 3-$216 ckboard.com/webapps /assessment/review/reviewjsp?attempt-Id». 32 81 i8 j 1&course; Id19802 1&content; id- 574171 1 r &return; c Question 24 Consider the production possibilities frontior (PPR shown in the figure below to answer the questions that follow. PPF The set of officient points is best descrbed as: Selected Answer b. only area t points inside the PPF a area l: inside the PPF and points on the PPF b. only area E points inside the PPF c. area O: outside the PPF and points on the PPF d. only area O: points outside the PPF e. paints on the PPF only. Question 25 FS 4

Explanation / Answer

24) PPF is the production possibility function ie the point on which the economy is most efficiently allocating its resources. So here most efficient points - points on the PPF.(e)

25) an increase in resource that increases the production of both the goods will push the PPF outwards(d)

28) Unemployed resources are those which are not efficiently used but are potential resources so here it is A.(b)

29) Most preferred point is D as here both the goods can be fully utilised"(a)

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