3. If country 1’s production possibility frontier was steeper to the x-axis than that of country 2,we know that ________.A) country 1 has higher marginal productivity in good in x-axis than country 2B) country 1 has lower marginal productivity in good in x-axis than country 2C) country 1 has absolute advantage in good in x-axisD) None of above is correct

Consider a production possibilities frontier (PPF) with Good X on the horizontal axis and Good Y on the vertical axis. The slope of the PPF tells us the _____ of producing one additional unit of Good X.Multiple choice question.profitabilitytotal costaverage costopportunity cost

7) A country cannot produce a mix of products with a higher value than whereA) theisovalue line is tangent to the production possibility frontier.B) theisovalue line intersects the production possibility frontier.C) theisovalue line is above the production possibility frontier.D) theisovalue line is below the production possibility frontier.E) theisovalue line is tangent with the indifference curve.

The table below shows productivity of labour, i.e., outputs per worker. They represent the quantity of output per unit of labor that each country can produce in the two industries, Xand Y. Product Country A Country BGood X 8 6Good Y 4 2Determine which country has an absolute advantage in good X, absolute advantage in good Y and a comparative advantage in good X. Choose the correct answer from the options below. Country A, Country A, Country B Country B, Country A, Country ACountry A, Country B, Country B

The production possibility frontier shows the maximum output a nation can produce with available resources.Group of answer choicesTrueFalse

A production possibility frontier (curve) would shift inwards if:Question 5Select one:a.inefficiency in the production process occurs.b.unemployment exists.c.productive land is lost due to salinity.d.there is no new technology.