Figure 2-4 .gif”> 164. Refer to Figure 2-4. If this economy devotes all of its resources to the p

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Figure 2-4
.gif”>
164. Refer to Figure 2-4.
If this economy devotes all of its resources to the production of
notepads, then it will produce

a.

0
notepads and 40 lamps.

b.

35
notepads and 20 lamps.

c.

70
notepads and 0 lamps.

d.

70
notepads and 40 lamps.

165. Refer to Figure 2-4.
It is possible for this economy to produce

a.

40
notepads and 20 lamps.

b.

50
notepads and 30 lamps.

c.

70
notepads and 40 lamps.

d.

All of
the above.

166. Refer to Figure 2-4.
It is notpossible for this economy to produce at point

a.

V.

b.

W.

c.

Y.

d.

Z.

167. Refer to Figure 2-4.
This economy cannot currently produce 30 notepads and 45 lamps because

a.

some of
its resources are unemployed.

b.

inefficiencies
exist in this economy’s production process.

c.

given
its current technology, it does not have the resources to produce that level
of output.

d.

All of
the above are correct.

168. Refer to Figure 2-4. Suppose
this economy is producing at point W.
Which of the following statements would best explain this situation?

a.

The
economy lacks the resources to produce at a more desirable point.

b.

The economy’s
available technology prevents it from producing at a more desirable point.

c.

There is
widespread unemployment in the economy.

d.

Any of
the above statements would be a legitimate explanation for this situation.

169. Refer to Figure 2-4.
Efficient production is represented by which point(s)?

a.

Y, Z

b.

W, Y, Z

c.

V, Y, Z

d.

V

170. Refer to Figure 2-4.
Inefficient production is represented by which point(s)?

a.

Y, Z

b.

V

c.

V, W

d.

W

171. Refer to Figure 2-4.
The opportunity cost of this economy moving from point Z to point Y is

a.

0 lamps.

b.

10
lamps.

c.

10
notepads.

d.

20
lamps.

172. Refer to Figure 2-4.
The opportunity cost of obtaining 20 additional lamps by moving from
point W to point V is

a.

0
notepads.

b.

10 notepads.

c.

50
notepads.

d.

None of
the above; the economy cannot move from point W to point V.

173. Refer to Figure 2-4.
The opportunity cost of obtaining 10 additional lamps by moving from
point W to point Z is

a.

0
notepads.

b.

10
notepads.

c.

50
notepads.

d.

None of
the above; the economy cannot move from point W to point Z.

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