1. Starting at a point on the Production Possibilities Frontier, if society want
ID: 1132092 • Letter: 1
Question
1. Starting at a point on the Production Possibilities Frontier, if society wanted to increase good X, then:
A. they could not simultaneously increase their output of good y
B. they could also simultaneously increase their output of good y.
c. they would have to increase their output of good y.
D. the question is mistaken. Once society picks a point on the curve there is no ability to change output in any direction.
2. A Mixed Economy differs from a pure Socialist Economy in that:
A. the mixed economy is centrally planned, while the socialist economy is not.
B. the mixed economy is a command system, while the socialist economy is not.
C.the mixed economy permits private ownership of corporations, while the pure socialist economy does not.
the mixed economies are generally not democratic, while the socialist economies generally are.
3. Normative Statements:
A. attempt to describe how the world actually is or actually functions.
B. are scientific in nature, in that given enough research, evidence, and data, they can potentially be shown to be either true or false.
C. are supported (either implicitly or explicitly) by the priorities, goals, and value judgments of the person making the statement.
D. More than one (perhaps all) of the above answers is correct
D.the mixed economies are generally not democratic, while the socialist economies generally are.
Explanation / Answer
Ans:
1) option A
they could not simultaneously increase their output of good y.
Production Possibilities Frontier indicates the possible combination of two goods a economy can produce when all resources are fully and efficiently employed.when production is at a point on the Production Possibilities Frontier, if output of one good is increased, the output of other good decreases.
2) option C
the mixed economy permits private ownership of corporations, while the pure socialist economy does not.
socialist economy is an economic system that is controlled and regulated by the government.mixed economy is an economic system that combines private and state enterprises.In case of mixed economy private ownership is permitted.
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