Asked by Jeremiah Starre on Jul 21, 2024
Verified
(Figure: Strawberries and Submarines II) Use Figure: Strawberries and Submarines II.Suppose the economy is operating at point B.Achieving production at point F would require that the economy:
A) achieve full employment and an efficient allocation of resources.
B) reduce its production of strawberries.
C) reduce its production of submarines.
D) improve its technology or increase its resources.
Production Possibility Frontier
A graphical representation showing the maximum combination of goods or services that can be produced with a given set of resources.
Technology Improvement
Technology Improvement refers to the enhancement or development of new technologies or the improvement of existing ones, leading to more efficient processes, products, or services.
Resources Increase
A rise in the availability of resources, such as capital, labor, and raw materials, which can lead to economic growth.
- Acknowledge the consequences of technological evolution and resource availability on the productivity of the economy.
Verified Answer
YM
ysabella munizJul 26, 2024
Final Answer :
D
Explanation :
Achieving production at point F would require that the economy improve its technology or increase its resources, as point F is beyond the production possibilities frontier (PPF) and cannot be reached with the current level of technology and resources.
Learning Objectives
- Acknowledge the consequences of technological evolution and resource availability on the productivity of the economy.