Figure 2-6 &Fan; 360 280+ 240 200 160 120 80 40 30 Go 9o 120 150 180 210 240 270

Question

Figure 2-6 &Fan; 360 280+ 240 200 160 120 80 40 30 Go 9o 120 150 180 210 240 270 300 330 itiows 38. Refer to Figure 2-6. If this economy devotes all of its resources to the production of blankets will produce a. 0 blankets and 360 pillows. b. 200 blankets and 240 pillows. c. 320 blankets and 120 pillows. d. 360 blankets and 0 pillows. 9. Refer to Figure 2-6. If this economy moves from point F to point G, then which of the following stat is correct? a. This economy has moved from a point of inefficient production to a point of efficient production. b. This economy has experienced economic growth. c. This economy has experienced an increase in employment. 0. Refer to Figure 2-6. The opportunity cost of this economy moving from point I to point H is a. 120 pillows. b. 120 blankets. c. 120 blankets and 120 pillows. d. 200 blankets

Explanation / Answer

a) If all the resources are dedicated to the production of Blanket the economy will produce 360 blankets and 0 pillows. The answer is "D".

b) A movement from point F to Point G means the economy has experienced economic growth. The answer is "B".

c) 120 blankets, that is what the economy has sacrificed to increases the production of 120 pillows. The answer is "B", 120 blankets.

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