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How does a production possibilities curve illustrate how efficient an economy is?
Shortie909
A production possibilities curve illustrates how efficient an economy is by indicating the possibly opportunities in the economy. This will also illustrate the relevant costs entailed in the production.
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∙ 9y ago
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If the economy is producing on the production possibilities curve?
At Full Potential
Where on a production possibilities curve the economy working at its most efficient production levels?
Any point on the PPC curve
Where on a production possibilities curve an economy working below its most efficient production levels is shown?
At any point of underutilization/any point inside of the curve
What line that shows different production possibilities for an economy?
production possibilities frontier
Is an economy is efficient when it has achieved full production?
The economy is efficient only when it has achieved full employment and full production
An economy working below its most efficient production levels?
An economy working below its most efficient production levels points inside the production possibilities frontier. This is in the context of a production possibilities curve.
Is Production possibilities graphs reveal how efficient an economy is?
No, by itself it just shows the production possibilities but provides no information on what the economy is actually doing.
If the economy is producing on the production possibilities curve?
At Full Potential
Where on a production possibilities curve the economy working at its most efficient production levels?
Any point on the PPC curve
What line that shows different production possibilities for an economy?
production possibilities frontier
Where on a production possibilities curve an economy working below its most efficient production levels is shown?
At any point of underutilization/any point inside of the curve
Is an economy is efficient when it has achieved full production?
The economy is efficient only when it has achieved full employment and full production
What is a production possibilities graph?
production possibilities graph is a graph that shows alternative ways to use an economy's resources.
An economy at its production possibilities frontier is operating?
At full potential.
A point inside the production possibilities curve is.....?
Attainable, but the economy is inefficient.
An economy is efficient when is has achieved?
both full employment and full production
How will a reduction in the number of hours worked each day affect an economy's production possibilities curve?
The economy's production possibilities would drop if there was a reduction in the number of hours worked each day. Since, production is dependent on labor, there would be less products produced.
