Economics

1.What does the slope of a typical production possibility frontier reflect? By contrast, every point on te frontier is efficient because, no matter where on the frontier we start, we cannot get more of one good without taking away those input quantities.
2.   What does the production possibilities curve imply about resource allocation? Is one that takes advantage of every opportunity to make some individuals better off in their own estimation while not worsening the lot of anyone else.
3.   Which type of economic system will produce the highest degree of allocative efficiency? Production Possibilities Frontier and Efficiency
4.   Why does choice arise in economics? Because making the right choice, that fits your issue is optional because there is always a second opportunity.
5. What does the production possibilities frontier illustrate? That anything on the slope is efficiency and anything under is not.
6.   How can prices be used to promote efficiency? Even though some pricing may detour others because of the efficiency that comes along with the process people can either deal with it or turn away.  
7.   What happens when the prices of products are set below equilibrium?
8.   In a free market what coordinates economic activity? A system decides what should be produced via what we called the law of supply and demand.
9.   What do central planners in command economies do about resource allocation? One the market has decided on output composition, the next coordination task is to determine just how those goods will be produced.
10. What is the major imperfection of a market economy? That the pricing of goods work in the favor of the rich, versus everyone in the market that purchases items.
11. How does a market transaction cause an externality?
12. What is the equation which describes the level of production of good under perfect competition if there is a detrimental externality?
13. Define the following: marginal private cost, marginal social cost, and...