a society is productive inefficient when quizlet

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none of the above Question 21 1 / 1 pts A society is productive inefficient when it produces at a point inside (below) its PPF. it does not produce the maximum output with its given resources and technology. The PPF illustrates. Quizlet is a lightning fast way to learn vocabulary. As this brief has outlined, however, rent-seeking is inherently inefficient because it diverts resources from potentially more-productive activities and thus imposes significant economic costs. In an eight-hour day, Andy can produce either 24 loaves of bread or 8 pounds of butter. TRIMESTER2_2013 TRIMESTER1_2013 TRIMESTER2_2012 Learn with flashcards, games, and more — for free. The production possibilities frontier (PPF) for the economy is. An economy exhibits productive efficiency if it produces. none of the above Question 21 1 / 1 pts A society is productive inefficient when it produces at a point inside (below) its PPF. ? Some of our farm fields are being left unused. With unemployed resources, we are at a point inside the PPF. Refer to Exhibit 2-9. Who has the comparative advantage in the production of good A? What is the reason for the law of increasing opportunity costs? As a result, labor is released from producing good X. Productive - According to their diagram they are productively inefficient. the opportunity costs (of producing the good on the horizontal axis) rise as more of the good is produced. Country X has a high unemployment rate. Which graph depicts the result of an increase in the number of immigrants entering the country in order to work? The reason for this is that the price consumers are willing to pay for a product or service reflects the marginal utility they get from consuming the product. If PPF2 is the relevant production possibilities frontier, a significant loss of the quantity of resources available could. Intrusive thoughts while praying Which of the following is a positive statement? The most inefficient point depicted in Figure 2.1 is: Refer to Table 2.1. Michael can produce the following combinations of X and Y: 10X and 10Y, 5X and 15Y, and 0X and 20Y. For example, a certain equipment can produce 10 tons of output per hour. The person compares marginal benefits and total costs and then decides what to do. It is synonymous with waste. If a production possibilities frontier (PPF) is concave downward, it follows that. a) Draw a production possibilities frontier for guns and butter. Significance Physical productivity is the quantity of output produced by one unit of production input in a unit of time. Refer Exhibit 2-10. Antitrust laws could be used to break up the monopoly if the monopoly’s inefficiency appears to be long-lasting. choosing to spend one more hour studying economics because you think the improvement in your score on the next quiz will be worth the sacrifice of time. For Maria, the opportunity cost of producing one unit of good Y is ___________ unit(s) of good X. If the economy is on the production possibilities frontier (PPF), the economy is: (a) Productive inefficient (b) Operating with no unemployed resources Allocative efficiency is a special type of productive efficiency in which the right amount of goods is produced to benefit society in the best way. Productive: having a role in deciding something's final form. for every lamp produced, a constant number of bookshelves is forfeited. Efficiency implies that it is impossible to get more of one good without getting less of another. Saem m4 curriculum. At the time, the company's profits had fallen, and news reports suggested that company leadership felt workers would be more productive if they all worked onsite. the opportunity cost (of producing the good on the horizontal axis) rises as more of the good is produced. Which graph depicts the result of a decrease in the unemployment rate? The opportunity cost of producing the good on the vertical axis, The economy moves from point A, where it produces 100 units of X and 200 units of Y, to point B, where it produces 200 units of X and 150 units of Y. As more fax machines are produced, the opportunity cost of producing them, Suppose the economy goes from a point on its production possibilities frontier (PPF) to a point directly to the left of it. Productivity describes various measures of the efficiency of production.Often, a productivity measure is expressed as the ratio of an aggregate output to a single input or an aggregate input used in a production process, i.e. B) a technologically inefficient society. country 1's PPF lies further to the right than country 2's PPF. Cutting energy waste is one of those goals that both sides of the political divide can agree on, … If the worker were to be used to produce more output than before, then having the worker not doing any work would be productively inefficient. Within the production possibilities frontier (PPF) framework, choice is depicted by the. Person A has the comparative advantage in the production of _____________ and person B has the comparative advantage in the production of __________________. it does not produce the maximum output with its given resources and technology. an increase in unemployment of some resources. Refer to Exhibit 2-6. If an economy is operating on its production possibilities frontier (PPF), are there any unemployed resources in the economy? unemployment of resources is shown by shifting the PPF inward. Finally, if society chooses to produce exactly I R then the amount of capital will remain constant. Through specialization and trade ____________________ can consume a combination of goods that lies beyond his/her PPF. At the end of this lesson, you will be able to: • Describe the six business process areas of GFEBS. If there is always a 4-for-1 tradeoff between producing good X and good Y, it follows that the opportunity cost of X (in terms of Y) ____________________ and the PPF for these two goods is ______________________. It is an often stated catechism that the economy would improve if people just bought more things, bought more cars and spent more money. Production efficiency describes a maximum capacity level in which an entity can no longer produce more of a good without lowering the production of another. For example, a product or service that fails on the market due to a flawed product strategy. Refer to Exhibit 2-8. shifting rightward (away from the origin). As more of a good is produced, the taxes applied to the production of the good rise. The politician is. The Intersex Society of North America closed its doors and stopped updating this website in 2008. economy can produce 15X and 15Y, 10X and 20Y, 5X and 25Y, or OX and 30Y, or. • Question 1 7 out of 7 points Productive inefficiency implies that Answer Selected Answer: b. Productive efficiency and short-run average cost curve. Refer to Exhibit 2-8. Refer to Figure 2-2. point A may have been a point below the economy's PPF, while point B may lie on the PPF. The economy can produce 0X and 15Y, 10X and 10Y, 20X and 5Y, or 30X and 0Y. Which graph depicts a technological improvement in the production of good X only? Refer to Exhibit 2-2. Refer to Exhibit 2-1. Which graph depicts a discovery of a new cheap source of energy that assists in the production of both good X and good Y? Depending on the context, it is usually one of the following two related concepts: Allocative or Pareto efficiency: any changes made to assist one person would harm another. A productive, successful conference should include: a sharing of information about the student. For Maya, the opportunity cost of producing one unit of good Y is ___________ unit(s) of good X. correct if he is assuming a rightward-shifting PPF. D) the society will be producing on its production possibilities curve. For example, a company that is inefficient will have higher operating costs and will be at a competitive disadvantage (or have lower profits than other firms in the market). c) Imagine that the society has two political parties, call them the Hawks ( who want a srong military ) and the Doves ( who want a smaller military ). Refer to Exhibit 2-9. Who has the comparative advantage in the production of good B? Which of the following is an illustration of the law of increasing opportunity costs? A society is productive inefficient when A) it produces at a point inside or below its PPF. More of one good can be produced without any less of another being produced • Question 2 7 out of 7 points Points inside (below) the production possibilities frontier (PPF) are Answer Selected Answer: Question 4 7 out of 7 points An increase in the quantity of resources Answer Selected Answer: Strategy Doing the wrong thing. Learn vocabulary, terms, and more with flashcards, games, and other study tools. PPF is more likely to be a downward-sloping curve that is bowed outward than a downward-sloping straight line because most resources are. For example, often a society with a younger population has a preference for production of education, over production of health care. Refer to Exhibit 2-8. Refer to Exhibit 2-5. What is the maximum number of units of good Y the economy can produce? This statement describes a movement from. it produces at a point inside or below its PPF. Country 2 produces the same two goods. In microeconomics, economic efficiency is, roughly speaking, a situation in which nothing can be improved without something else being hurt. Consider two points on the PPF: point A, at which there are 50 apples and 40 pears, and point B, at which there are 46 apples and 41 pears. A politician says that it is possible to get more of everything---more infrastructure, more schools, more national defense, more spending on social programs, and so on. D) both a and b E) all of the above. Inefficiency is a failure to make productive use of resources. Furthermore, the opportunity cost between the two goods is always constant. Refer to Exhibit 2-9. Who has the comparative advantage in the production of good A? A recent study highlights how flexible workers are happier, more productive and less stressed than colleagues who continue to work 9 to 5 in the office. it is impossible to obtain gains in one area without losses in another. it does not produce the maximum amount of output with its given resources and technology. Suppose Andrea is taking just two courses and is at a point on her PPF of grades for those two courses. Which of the following is not true about production possibilities frontiers? Allocative efficiency occurs when all goods and services within an economy are distributed according to consumer preferences. The opportunity cost of attending university is likely to include all except which of the following? Refer to Exhibit 2-9. Refer to Exhibit 2-6. When the combination of goods produced falls inside the PPF, then the society is productively inefficient. economy can produce 15X and 15Y, 10X and 20Y, 5X and 25Y, or 0X and 30Y. The economy is currently on its production possibilities frontier (PPF). The economy can produce 15X and 15Y, 10X and 20Y, 5X and 25Y, or 0X and 30Y. QUESTION 5 A society is productive inefficient when ait produces at a point on its PPF. Inefficiency is a failure to make productive use of resources. Furthermore, the opportunity cost between these two goods is always constant. The result of a decrease in the unemployment rate is not represented by any of the graphs depicted here. An example of allocative inefficiency is when a method of production uses more of a certain resource and less of another than another method that costs more to society overall. Refer to Exhibit 2-6. Society may simply ignore it if the monopoly appears to be … If PPF2 is the relevant production possibilities frontier, then point __________ is unattainable. An economy can produce the following combinations of goods: 50X and 0Y, 40X and 10Y, 30X and 20Y, 20X and 30Y, 10X and 40Y, and 0X and 50Y. In an eight-hour day, John can produce either 8 loaves of bread or 8 pounds of butter. Roads can never be efficient as long as they are made of concrete and use wheeled running gear instead of side moving track running gear for heavier vehicles. shifting rightward (away from the origin). Jose has one evening in which to prepare for two exams and can employ one of two possible strategies: With a constant opportunity cost between goods A and B, the PPF for goods A and B would, If the economy is currently producing at a point on its production possibilities frontier (PPF), the economy is, In the production possibilities framework, economic growth is depicted by the PPF. show a point that is feasible but inefficient. 19 synonyms of productive from the Merriam-Webster Thesaurus, plus 63 related words, definitions, and antonyms. ? If Alex and Adam each specialize in the good in which he has a comparative advantage and then engage in trade, ____________________ can consume a combination of goods that lies beyond their PPF. Now this PPF shifts inward and Andrea moves to a point on the new PPF. 47) A bowed production possibilities curve is consistent with . If the economy is currently at point B, the opportunity cost of moving to point A is, Along its production possibilities frontier (PPF) an economy can produce 0X and 15Y, 10X and 10Y, 20X and 5Y, or 30X and 0Y. more guns and more butter could be produced with available resources than are currently being produced. In an eight-hour day, Andy can produce either 24 loaves of bread or 8 pounds of butter. Refer to Exhibit 2-7. For example, if a worker produces in an hour an output of 2 units, whose price is 10$ each, then his productivity is 20$. If there is an increase in the amount of good B foregone as every additional unit of good A is produced, the PPF between goods A and B would, Refer to Exhibit 2-3. Which graph depicts the result of a technological improvement in the production of both goods X and Y? A student has only a few hours to prepare for two different exams this afternoon. It follows that. C) the underutilization of productive resources. In this video, Sal explains how the production possibilities curve model can be used to illustrate changes in a country's actual and potential level of output. This is a good thing. They have the same vertical intercept, but curve I is flatter than curve II. Marginal thinking is best demonstrated by: ? Which of the following labeled points are productive efficient? during the american revolution what happened to the economy quizlet, July 4, 1789 - Congress passes its first tax, an 8.5 percent protective tax on 30 different items, with items arriving on American ships charged at a lower rate than foreign ships. an increase in unemployment of some resources. Which of the following statements is false? 3 loaves of bread for Andy and 1 loaf of bread for John. There would be no gains from trade between person A and person B because the opportunity cost of producing one unit of good X (or one unit of good Y) is the same for both persons. The opportunity cost of moving from point D to point C is. Processes It follows that country X is operating, Refer to Exhibit 2-5. need to select among the points making up the PPF. Some of our farm fields are being left unused. Refer to Exhibit 2-4. 3. Refer to Exhibit 2-1. Which of the following statements is true? Hine Valle / Getty Images. The PPF between guns and butter is, Refer to Exhibit 2-1. If Maria and Maya each specialize in the good in which she has a comparative advantage and then engage in trade, ____________________ can consume a combination of goods that lies beyond her PPF. output per unit of input, typically over a specific period of time. Which of the following statements is true? A market's ability to promote cost-reducing and/or product-enhancing technological change . ? Does this have any implications for the economy's PPF diagram (with agricultural products on one axis and electronics products on the other axis)? This is allocatively inefficient because at this output of Qm, price is greater than MC. Learn vocabulary, terms, and more with flashcards, games, and other study tools. what technological change can affect employment patterns across industries? Luke has a comparative advantage in baking bread and Jason has a comparative advantage in producing paintings. Which scenario below most accurately describes the process by which a technological change can affect employment patterns across industries? D) highly specialized resources. Productive efficiency (or production efficiency) is a situation in which the economy or an economic system (e.g., a firm, a bank, a hospital, an industry, a country, etc.) it does not produce the maximum output with its given resources and technology. Even if it is productively efficient, the resources are not used in the best distribution -- the allocation is inefficient. Both country 1 and country 2 are located on their respective production possibilities frontiers (PPFs), but country 1 produces twice the output that country 2 produces. the impossibility of gains in one area without losses in another. One of the central principles of economics is that everyone faces tradeoffs because resources are limited. To realize full production a society must achieve. it is possible to obtain gains in one area without losses in another, An increase in the quantity of resources available, A person has a comparative advantage in the production of a good when they can produce the product at a(n) ________ opportunity cost compared to another person, Refer to Exhibit 2-1. Michael has the comparative advantage in producing Y and Vernon has the comparative advantage in producing X. The leader of a federal political party made the following campaign promise: "My administration will increase national defense without requiring sacrifices elsewhere in the economy." Assuming that the PPF has not shifted, this could be due to. The model that economists use for illustrating the process of individual choice in a situation of scarcity is the _________________, sometimes also called the opportunity set, a diagram which shows what choices are possible. For Adam, the opportunity cost of producing one unit of good B is ____________ unit(s) of good A. The opportunity cost of one unit of X for Carlos is, Refer to Exhibit 2-5. If there are only two goods, guns and butter, it is possible to produce more of both goods if the economy is currently operating at a productive efficient point. However they may face economies or diseconomies of scale. straight line if constant opportunity costs exist. Refer to Exhibit 2-6. a straight (downward-sloping) line because the opportunity cost of producing the two goods is constant. If scarcity did not exist, neither would a PPF. Our socio-economic and political systems are … a society is productive inefficient when ‘Provocative adverts have no place in a civilized society.’ discuss. If there is always a three-for-one tradeoff between goods X and Y, then the PPF between X and Y is, If the economy is on the production possibilities frontier (PPF), the economy is operating. If the economy is at point C, it follows that. It follows that opportunity cost of 1X is ___Y. … As a result, the country's. ? It is possible that in markets where there is little competition, the output of firms will be low, and average costs will be relatively high. a downward-sloping curve that is bowed outward. The concept of X-inefficiency was introduced by Harvey Leibenstein . Along the production possibilities frontier, the most efficient point of production depicted in Figure 2.1 is: ? 1. Find another word for productive. ? The point where the PPF intersects the vertical axis is, Refer to Exhibit 2-3. it can produce more of one good without giving up some of another good. c. exchange can only occur when there is specialization in the economy. A student has only a few hours to prepare for two different exams tomorrow morning. Allocative efficiency is a state of the economy in which production represents consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing.. Consider the following combinations of guns and butter that can be produced: 0 guns, 20,000 units of butter; 5,000 guns, 15,000 units of butter; 10,000 guns, 10,000 units of butter; 15,000 guns, 5,000 units of butter; 20,000 guns, 0 units of butter. B) a technologically inefficient society. ? The change in the PPF of the economy from PPF1 to PPF2 corresponds to an advance in technology that makes. If PPF1 is the relevant production possibilities frontier, a shift to PPF2 may depict, If increasingly more units of good Y must be given up as each successive unit of good X is produced, then the PPF for these two goods is. Suppose an economy can produce a maximum of 10 units of good X and the opportunity cost of 1X is always 2Y. Within economists' focus on welfare analysis, or the measurement of value that markets create for society is the question of how different market structures- perfect competition, monopoly, oligopoly, monopolistic competition, and so on- affect the amount of value created for consumers and producers.. Let's examine the impact of a monopoly on the economic … Productive inefficiency Unit cost is the average cost of production, which is found by dividing total costs of production by the number of units produced. Along a production possibilities curve, an increase in the production of one type of good can be accomplished only by. Society gives up $4.65 worth of value and receives $4.95. If PPF2 is the relevant production possibilities frontier, then point __________ is unattainable. All points on the production possibilities frontier are equally efficient. Resources have varying abilities and those with lower opportunity costs of producing a good will be used to produce it before resources with higher opportunity costs produce it. The opportunity cost of producing 1 pound of butter is. Given available resources and technology, this economy can produce 50,000 television sets and 40,000 fax machines only if it chooses to produce at point, Refer to Exhibit 2-9. Consider two straight-line PPFs. The opportunity cost of scoring a 94 on the economics exam rather than a 77 is. Suppose Kelsey is taking just two courses and is at a point inside her PPF of grades. Financial resources better spent on Social Capital such as education, nutrition, housing etc. If the law of increasing opportunity costs is operable, and currently the opportunity cost of producing the 1,000th unit of good X is 0.5Y, then the opportunity cost of producing the 2,001st unit of good is X is most likely to be. Society is producing and consuming a good that it values at $4.95 (the price). Inefficiency means that scarce resources are not being put to their best use. X-inefficiency is the divergence of a firm’s observed behavior in practice, influenced by a lack of competitive pressure, from efficient behavior assumed or implied by economic theory. It follows that opportunity cost of 1X is ___Y. The opportunity cost of one unit of Y for Keisha is, An advance in technology commonly refers to the ability to produce. What is the reason for the law of increasing opportunity costs? It follows that. Deserts are areas that receive very little precipitation.People often use the adjectives “hot,” “dry,” and “empty” to describe deserts, but these words do not tell the whole story. If PPF1 is the relevant production possibilities frontier, society can only choose to produce at a point that lies, Which of the following statements is true about productive inefficiency. At Point A in the production possibilities graph shown above, the economy: ? A production possibility frontier (PPF) shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently employed If we increase our output of consumer goods (i.e. b. productive inefficiency increases as producers in society specialize. A) an unchanged opportunity cost. "In order to produce one more television set, we must forfeit the production of one fax machine." Both country 1 and country 2 are located on their respective production possibilities frontiers (PPFs) for consumer goods and capital goods, but country 1 produces twice the output of both types of goods compared to country 2. A technological advance makes it possible to produce more of good X with less labor. it can produce more of one good without giving up some of another … the cost of haircuts received during the school term. If Kelsey changes her work habits then it is impossible for. Hine Valle / Getty Images. unattainable if the economy's PPF is PPF1. Refer to Exhibit 2-7. For which of the following is the statement "In order to get more military goods, we have to forfeit some civilian goods" true? Most real-world choices aren't about getting all of one thing or another, instead, most choices involve _________________, which involves comparing the benefits and costs of choosing a little more or a little less of a good. It follows that the production possibility frontier (PPF) is. It follows that, point A may be a productive efficient point. If PPF2 is the relevant production possibilities frontier, then point __________ is productive efficient. If it is impossible to produce more of one good without getting less of another, then the economy is operating. Allocative efficiency means that the particular mix of goods a society produces represents the combination that society most desires. However, in so doing, society is using resources that could have produced other goods valued at $4.65 (the marginal OPPORTUNITY cost). The most common example is the (aggregate) labour productivity measure, e.g., such as GDP per worker. could not produce any more of one good without sacrificing production of another good and without improving the production technology. D) highly specialized resources. M4 Curriculum. Refer to Exhibit 2-5. In this scenario price always equals marginal cost of production. Free. The opportunity cost of moving from point B to A is, Consider two points on a PPF: point A, at which there are 500 oranges and 100 apricots, and point B, at which there are 501 oranges and 95 apricots. The economy is currently operating at point F. The opportunity cost of moving to point E is approximately ____________ televisions. If PPF1 is the relevant production possibilities frontier, society may move to PPF2 as a result of. Refer to Exhibit 2-9. Which of the following combinations of the two goods, X and Y, lies on the economy's production possibilities frontier? Refer to Exhibit 2-4. Likewise, if society chooses to produce more investment than I R then the amount of capital will rise. Refer to Exhibit 2-5. need to select among the points making up the PPF. 3 loaves of bread for Andy and 1 loaf of bread for John. Points that lie inside (or below) the PPF are. neither good X nor good Y; neither good X nor good Y. Refer to Exhibit 2-8. Who has the comparative advantage in the production of good Y? Refer Exhibit 2-10. The opportunity cost of moving from point A to point B is. The opportunity cost of moving from point C to point B is, Refer to Exhibit 2-3. Which graph depicts a technological improvement in the production of good Y only? Assuming that the PPF has not shifted, this could be due to. Every year, a total of 1m years of productive life are lost in the UK because of disability from low back pain, 3m in the USA and 300,000 in Australia, say the papers. The line joining points A and D is called the. The area of deadweight welfare loss shows the degree of allocative inefficiency in the economy. As a result, labor is released from producing good X. The opportunity cost of moving from point A to point B is approximately. Which of the following statements is true? 2. ... Unemployment and production inefficiency would best be represented in the graph by point. Within the production possibilities frontier (PPF) framework, choice is depicted by the, ? As more cars are produced, the opportunity cost of each additional car is greater than for the preceding unit. In the production possibilities framework, economic growth is depicted by the PPF. Refer to Exhibit 2-8. Who has the comparative advantage in the production of good X? When the economy moves from Point A to Point B in the diagram above: An economy is operating at full employment, and then workers in the bread industry are laid off. is not using its resources efficiently. I enjoy summer evenings when it cools off. What does it mean if a person makes a "decision at the margin"? Start studying econ ch 2. Productive inefficiency implies that it is possible to produce more of one good and no less of another, even without additional resources. Keisha can produce the following combinations of X and Y: 100X and 20Y, 50X and 30Y, or 0X and 40Y. 47) A bowed production possibilities curve is consistent with . Which graph depicts the result of an increase in the unemployment rate? a straight (downward-sloping) line because the opportunity cost of producing the two goods is constant. The opportunity cost of scoring an 84 on the history exam rather than 76 is: ? Saemobilus sae. Which of the following is an illustration of the law of increasing opportunity costs? C) the underutilization of productive resources. maximum output with given resources and technology. Allocative inefficiency - The monopoly price is assumed to be higher than both marginal and average costs leading to a loss of allocative efficiency and a failure of the market. If the worker were to be used to produce more output than before, then having the worker not doing any work would be productively inefficient. It follows that. Refer to Exhibit 2-2. Currently an economy is producing at a point on its production possibilities frontier for goods X and Y. The economy was at point A producing 100X and 200Y. country 1's PPF lies further to the right than country 2's PPF. These tradeoffs are present both in individual choice and in the production decisions of entire economies.. No, because if there were any unemployed resources the economy would be producing below its PPF. Under certain circumstances, firms in market economies may fail to produce efficiently.

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