True or False? 1) A production possibilities frontier allows us to identify theopportunity cost of p

True or False? 1) A production possibilities frontier allows us to identify theopportunity cost of producing a particular good in an economy. 2) Consider the production possibilities frontier. The efficientpoints are the ones that are either on or outside the frontier. 3) When people work more hours, the production possibilitiesfrontier shifts inwards. 4) When people become more productive, the productionpossibilities frontier shifts inwards because it takes less time toproduce each unit. 5) The production possibilities frontier is “bowed out” whenresources are specialized. Fill in the blank: 1) In a given amount of time John can produce either 30 poundsof vegetables or 10 pounds of chicken. In the same amount of timeGeorge can produce either 25 pounds of vegetables or 5 pounds ofchicken. In this simple economy if John and George decide tospecialize and exchange with each other then we can expect onepound of chicken to trade for at least __?__ pounds of vegetablesbut not more than __?__ pounds of vegetables. Enter numericalvalues in each blank, rounded to two decimal places asnecessary.   2) In one hour John can produce either 3 units of good X or 6units of good Y. He works an 8 hour day. If he wants to produce 12units of good Y then how many units of good X can he produce? Entera whole number. Round to the nearest whole number as necessary.__________ 3) In one day Sam can produce 40 salads or 32 sandwiches. Whatis the opportunity cost of producing 1 sandwich? Enter a numberrounded to two decimal places as necessary. ________ . . .

 

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