\fny.edu/webapps/assessment/take/launch.jsp?course_assessment_id=_2113777_1&course_id=_2083088_1&content_id=_63713355_1&step=null Question Completion Status: QUESTION 11 Exhibit 3-8 Production possibilities curve Clothing Food Refer to Exhibit 3-8. At Point B in the production possibilities graph shown, the economy: O a. is not using its resources efficiently. b. is using its resources efficiently while producing clothing but not food. O c. is using its resources efficiently to produce both food and clothing. O d. is using its resources efficiently while producing food but not clothing. QUESTION 12 A system of economic organization in which the ownership and control of productive capital assets rests with the state and resources are allocated through central planning and political decision making is called: O a. a market economy. O b. capitalism. O c. a corporate economy. d. a command economy. QUESTION 13 Improving the level of education of the labor force will: O a. shift the production possibilities curve outward. O b. move the economy from a point on the production possibilities curve to a point inside the production possibilities curve. O c. shift the production possibilities curve inward. O d. move the economy from a point inside the production possibilities curve to a point on the production possibilities curve.vajgoatssilent/take/launch.jsp?course_assessment_id=_2113777_1&course_id=_2083088_1&content_ Question Completion Status: QUESTION 14 When economic growth occurs it will: O a. often result from improved technology. b. eventually eliminate scarcity. O c. shift the production possibilities curve to the left. O d. be a product of luck. QUESTION 15 An economist defines efficiency as: O a. the creation of a surplus using available resources. O b. the maximization of inputs using available resources. O c. the maximization of output from available resources. O d. the maximization of revenue from available resources. QUESTION 16 Exhibit 3-13 40 Cupcakes 24 20 12 production possibilities curve 45 10 Cakes Refer to Exhibit 3-13. A movement from Point D to Point C: O a. requires the sacrifice of four cupcakes in order to obtain one cake. O b. increases unemployment. O c. reallocates inputs without affecting overall levels of production. O d. requires the sacrifice of one cake in order to obtain four cupcakes.