Table 1 shows the production possibilities of an island community. Choose the best statement. A. Suppose that
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Table 1 shows the production possibilities of an island community. Choose the best statement.
A. Suppose that this community produces 3 pounds of fish and 20 pounds of berries. If it decides to gather more berries, it faces a tradeoff.
B. When this community produces 4 pounds of fish and 12 pounds of berries it faces a tradeoff, but it is inefficient.
C. Suppose that this community produces 5 pounds of fish and 0 pounds of berries. If it decides to gather some berries, it will get a free lunch.
D. If this community produces 3 pounds of fish and 22 pounds of berries, production is efficient but to produce more fish it faces a tradeoff.
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Related Book For
Essential Foundations Of Economics
ISBN: 9781786633255
8th Edition
Authors: Robin Bade, Michael Parkin
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