Following Is the Production Possibilities Schedule for an Economy Producing

question 63

Multiple Choice

Following is the production possibilities schedule for an economy producing two goods, Good A and Good B.Table 2.1

-Suppose a society begins by producing 3 units of X and 4 units of Y and then alters production to 4 units of X and 4 units of Y. If the quantity and quality of resources and the technology being used remain unchanged, then:

• A)3 units of X and 4 units of Y are a combination best represented by a point inside the production possibilities curve [PPC].
• B)we can conclude that the society has moved along the PPC.
• C)we can conclude that resources were being fully utilized at 3 units of X and 4 units of Y.
• D)we can conclude that resources were being efficiently utilized at 3 units of X and 4 units of Y.
• E)3 units of X and 4 units of Y are a combination best represented by a point outside the PPC.

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Definitions:

Contingency Theory

A management theory that suggests the most appropriate form of organizational structure or managerial action depends on the specific situational variables.

Weber's Concept

Theories and principles developed by sociologist Max Weber, including authority types and the characteristics of bureaucracy.

Bureaucracy

A system of administration characterized by strict policies, procedures, and hierarchy, often within large organizations or governments.

Management Duties

The responsibilities held by individuals in managerial positions, including planning, organizing, leading, and controlling organizational resources to achieve specific goals.