AB 204 STUDY Successful Learning / ab204study.com AB 204 STUDY Successful Learning / ab204study.com | Page 5

Is it feasible for Atlantis to produce 500 pounds of fish and 800
pounds of potatoes? Explain.
Calculate the opportunity cost of increasing the annual output of
potatoes from 800 to 1000 pounds.
Calculate the opportunity cost of increasing the annual output of
potatoes from 400 to 600 pounds.
What is the difference between the answers to parts b and c?
What does the change in opportunity costs indicate about the slope
of the production possibility frontier?
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AB 204 Unit 4 Assignment
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1) U.S. real GDP is substantially higher today than it was 60 years
ago. What does this tell us, and what does it not tell us, about the
well-being of U.S. residents? What are the limitations of the GDP as
a measure of economic well-being? Given the limitations, why is
GDP usually regarded as the best single measure of a society’s
economic well-being?