Assume that U.S. agricultural land is used either to raise cattle for beef or to

Question

Assume that U.S. agricultural land is used either to raise cattle for beef or to grow wheat. Figure 2-2 represents the production possibility frontier for beef and wheat. Between points F and G, the opportunity cost increasing wheat by two bushels equals

a.

0.25 million pounds of beef

b.

1.75 million pounds of beef

c.

0.125 pounds of beef

d.

8.0 pounds of beef

e.

0.5 pounds of beef

9. Assume that U.S. agricultural land is used either to raise cattle for beef or to grow wheat. Figure 2-2 represents the production possibility frontier for beef and wheat. Production at point H is

a.

unattainable given currently available technology and resources

b.

attainable by more fully employing already available resources

c.

attainable by using better technology which is already available

d.

attainable if beef production drops to zero

e.

attainable if all available resources are used to produce wheat

10. Assume that U.S. agricultural land is used either to raise cattle for beef or to grow wheat. Figure 2-2 represents the production possibility frontier for beef and wheat. What is assumed constant as the economy moves from point F to point G?

a.

both d and e

b.

the money supply

c.

consumer tastes and preferences

d.

the level of currently available technology

e.

the amount of available resources

a.

0.25 million pounds of beef

b.

1.75 million pounds of beef

c.

0.125 pounds of beef

d.

8.0 pounds of beef

e.

0.5 pounds of beef

Assume that U.S. agricultural land is used either to raise cattle for beef or to grow wheat. Figure 2-2 represents the production possibility frontier for beef and wheat. Between points F and G, the opportunity cost increasing wheat by two bushels equals a. 0.25 million pounds of beef b. 1.75 million pounds of beef c. 0.125 pounds of beef d. 8.0 pounds of beef e. 0.5 pounds of beef 9. Assume that U.S. agricultural land is used either to raise cattle for beef or to grow wheat. Figure 2-2 represents the production possibility frontier for beef and wheat. Production at point H is a. unattainable given currently available technology and resources b. attainable by more fully employing already available resources c. attainable by using better technology which is already available d. attainable if beef production drops to zero e. attainable if all available resources are used to produce wheat 10. Assume that U.S. agricultural land is used either to raise cattle for beef or to grow wheat. Figure 2-2 represents the production possibility frontier for beef and wheat. What is assumed constant as the economy moves from point F to point G? a. both d and e b. the money supply c. consumer tastes and preferences d. the level of currently available technology e. the amount of available resources

Explanation / Answer

8. A 9. A 10. E

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