ll Iis current factors of produclion and state of lechnoog CUInBInations o f fac

Question

ll Iis current factors of produclion and state of lechnoog CUInBInations o f factors of production necessary to produce the current level of goods and services QUESTION 8 A production point outside the production possibilities frontier O is a possible production combination if all current resources and technology are might be an attainable production combination once additional resources or new technology is developed 9 is a permanently unattainable production combination for a county is only a possible production combination if resources are unemploved represents a point that is production inefficient QUESTION 9 is a subjective measure of goods and seevices produced includes only changes is only reported on a monthly basis does not measure all goods and services prod does not include intermediate goods whish are an impottant part of A reason real GDP does not accurately measure the change im our standard of living is because real GDP

Explanation / Answer

Question 8 Correct choice is might be attainable once resources are added or technology is upgraded

Note that PPF shows possible combinations of goods that the nation has a potential to produce. Any point outside the PPF is unattainable with current availability of resources or technology but if the nation is able to add resources or makes it resources more efficient by upgrading its technology, PPF can shift outwards and so the same point can be attained

Question 9 Correct choice is does not measure all goods and services produced

This is true because real GDP does not and should not include intermediate goods but it fails to capture all the goods and services produced that are outside the market. For certain services there are no markets and therefore GDP does not accurately predicts the standards of living and the growth it experiences.

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