57) Refer to the above figure. Which of the following points indicates an unobtainable point of production?
A) a
B) d
C) e
D) More information is needed to answer the question.
58) Refer to the above figure. The shape of the production possibility curve indicates that production of
A) wheat is characterized by increasing costs while the production of beans is characterized by decreasing costs.
B) wheat is characterized by decreasing costs while the production of beans is characterized by increasing costs.
C) both goods are characterized by increasing costs.
D) both goods are characterized by decreasing costs.
59) Refer to the above figure. Between points f and g, the opportunity cost of producing 75 more bushels of wheat is
A) 1 bushel of beans.
B) 4 bushels of beans.
C) 25 bushels of beans.
D) 100 bushels of beans.
60) Production is efficient when
A) it generates a point beyond the production possibility curve.
B) the maximum output possible is being produced given current levels of resources and technology.
C) technological change occurs.
D) the maximum amounts of the most important good are produced.
61) Whenever the economy is producing the maximum amount of goods given the level of technology and the amount of resources
A) the number of resources used should be decreased since society must protect its scarce resources.
B) the concept of opportunity costs does not exist.
C) more goods will be available than customers want to buy.
D) the economy is producing efficiently.
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62) Refer to the above figure. Assume that only two goods can be produced in the economy. Which of the following statements is true?
A) Points a, b, and c are all obtainable points of production.
B) Points a and b are obtainable points of production.
C) Points b and c are obtainable points of production.
D) Only point b is an obtainable and efficient point of production.
63) Refer to the above figure. Given our current level of technology and resources, the unobtainable point(s) of production would be
A) points a and c.
B) point a.
C) point b.
D) point c.