A production function specifies the relation between ____________ and the ___________ to ____________________
A) technology; output; Real GDP
B) technology; the factor inputs; Real GDP
C) price; quantity; Real GDP
D) Real GDP; the factor inputs; the price level
B
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Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. In a closed economy, if the citizens of this island consume 1,200 fish per year, how many pounds of berries can they consume?
A. 4,800 pounds B. 9,200 pounds C. 12,800 pounds D. 8,000 pounds
If an economy is producing at a point inside a production possibilities curve:
A. there is economic growth. B. resources are fully employed. C. resources are unemployed. D. the economy is efficient.