b. resources are limited (scarce) and efficiency implies that all are already in use. (Co-)operating efficiently and safely from a distance But one thing is certain: production processes must continue or restart, and interrupted new projects must be resumed as soon as possible. b. it is possible to produce more of both goods without increasing the quantities of inputs that are being used. However, as we move along the a.some of one good must be given up to get more of another good in an economy that is oeprating efficiently. when is an economy operating inefficiently? For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! When an economy is operating at a point on its production possibilities frontier, then a. consumers are content with the mix of goods and services that is being produced. Academic Economics provides a deeper understanding of what it takes to operate programs and educate students while also empowering a more informed conversation to take place on campus. resources are limited (scarce) and efficiency implies that all are already in use. c. prices greatly exceed the production costs. c. on the production possibility curve. c. the production possibilities curve shifts inward as more of one good is produced. With Academic Economics we can provide you with the data necessary to have more informed conversations on campus about the economics associated with educating students and operating programs. It increases the price of cookies. Goods and services are being produced using the most resources. When an economy is in a recession, it is operating inside the PPC. A-there is no way to produce more of one good without producing less of another good. shaquanbrown30. The economy is getting the fewest goods and services from the available resources. B-it is possible to produce more of both goods without increasing the quantities of inputs that are being used. C. More of the economy's resources become idle. If an economy is producing inefficiently, it is 37. D) scarcity can be eliminated. Course Hero is not sponsored or endorsed by any college or university. Operating efficiently, it is producing the highest possible amounts of goods that it can produce. D) scarcity can be eliminated. Asked Feb 09, 2015. C) an economy that is operating efficiently can have more of one good without giving up some of another good. But … When a firm or economy is operating efficiently, it is operating. It is also referred to as the full c. it is possible to produce more of one good without producing less of another good. If an economy is producing efficiently, then...? QUESTION 6 When an economy is operating efficiently, which is true? when an economy is operating efficiently: a. it's operating inside its PPF b. it is producing the maximum output with the available resources and technology c. it can produce more of a good without producing less of another d. all of Which of the following is the best description of an economy? If an economy is producing a combination of goods that places it inside the production possibilities curve then it has: idle factors of production or inefficient use of resources. Available resources are efficiently and fully employed Which of the following is correct. Question: 14. Reference: Ref 7-4 (Table) The table provides short run total QUESTION 6 The concave (bowed out) shape of the PPC indicates that a, as the production of one good rises, the opportunity cost of that production rises. False. Comparative advantage leads to producing at a: lower opportunity cost. d. All of the above are correct. This is an example of: when an economy is operating efficiently: when an economy is operating inefficiently: the production possibilities frontier is: the capitalist vision sees private property as desirable because: the capitalist vision sees market prices as: the capitalist vision sees government as: the socialist vision sees government ownership of resources: in a market economy, the question of "what to produce" is determined by: in a market economy, the questions of "how to produce" is determined by: determining the "for whom to produce" question by the distribution of income means that: according to the book "Capitalism and Freedom": according to milton Friedman, the proper functions of government include: when is an economy operating efficiently? Wealth Fund, the output to input ratio improves to produce more of both goods increase awareness of following., as we move along the if an economy is operating on its PPF this... 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