Asked by Rajkishore Mishra on Apr 27, 2024
Verified
(Figure: Wine and Wheat) Use Figure: Wine and Wheat.If this economy is producing 12 tons of wheat and 9,000 bottles of wine,we know the economy:
A) is using its resources efficiently.
B) is using its resources inefficiently.
C) is producing at an unattainable point.
D) has unemployment.
Bottles
Containers with a neck that are narrower than the body and are often used to store liquids.
Unattainable Point
A situation in a production possibilities frontier or a similar model where the point representing a combination of goods or services produced cannot be achieved given current resources or technology.
Tons
A unit of weight equal to 2,000 pounds in the United States (short ton) or 2,240 pounds in the UK (long ton), often used to measure heavy commodities.
- Acquire insight into the distinction between efficient and inefficient production points.
Verified Answer
Learning Objectives
- Acquire insight into the distinction between efficient and inefficient production points.
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