In the figure above, production efficiency occurs at ________, and allocative efficiency occurs at ________
A) all points on the PPF; only one point on the PPF
B) only one point on the PPF; all points on the PPF
C) only one point on the PPF; only one point on the PPF
D) all points on the PPF; all points on the PPF
E) all points on the PPF; all points above the PPF
A
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In the long run in the Keynesian model, a beneficial supply shock would leave the economy with a higher level of output, but also a ________ real interest rate and a ________ price level
A) higher; lower B) lower; higher C) lower; lower D) higher; higher
Which of the following is a difference between real GDP per capita and real GDP per worker hour?
a. Real GDP per capita is the dollar value of output produced by an average worker in one hour, while real GDP per worker hour is the number of available goods and services per person. b. Real GDP per capita is the ratio of real GDP to population, while real GDP per worker hour is the ratio of GDP to the number of hours worked. c. Real GDP per capita is the difference between real GDP and population, while real GDP per worker hour is the difference between real GDP and the number of hours worked. d. Real GDP per capita increases with an increase in population, while real GDP per worker hour decreases with an increase in population.