Asked by
Vanessa Reyes
on Oct 13, 2024
Verified
If the economy were producing at 12 units of outboard motors and 8 units of robots
A) the economy would be at a point inside its production possibilities curve.
B) the economy would be at a point outside its production possibilities curve.
C) the economy would have unemployed resources.
D) the economy would be at a point inside its production possibilities curve AND would have unemployed resources.
Production Possibilities Curve
The Production Possibilities Curve represents the maximum combination of goods or services that can be produced in an economy, given available resources and technology, illustrating the trade-offs and opportunity costs.
Unemployed Resources
Factors of production that are not being utilized to their full capacity, including labor, capital, and natural resources, often indicating economic inefficiency.
- Ascertain the variance between optimal, less-than-optimal, and impossible-to-achieve points on the production possibilities frontier.
- Discern the linkage between the state of employment and its impact on economic production and efficiency.
Verified Answer
TO
Learning Objectives
- Ascertain the variance between optimal, less-than-optimal, and impossible-to-achieve points on the production possibilities frontier.
- Discern the linkage between the state of employment and its impact on economic production and efficiency.