1. If the economy is operating at point C in the PPF below, the opportunity cost ofproducing an additional 15 units of bacon is:Exhib:6४Bacon5040302010.E20 20(a) 40 eggs8-30 40(b) 10 eggs(c) 20 eggs(d) 30 eggs(e) 50 eggsExplain:8.50 6070

To calculate the opportunity cost of producing an additional 15 units of bacon when the economy is…

Answered: 1. If the economy is operating at point…

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 3.6P

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Meat (pounds) 120 A 90 В 60 30 Vegetables (pounds) 20 60 80 100 120 140 160 The opportunity cost of meat when moving from C to B is: 1/3 of a lb of vegetables per Ib of meat 60 Ibs of meat per lb of vegetables 3 Ibs of vegetables per Ib of meat 20 Ibs of vegetables per lb of meat 40
1. If the economy is operating at point C in the PPF below, the opportunity cost of producing an additional 15 units of bacon is: Exhib: 6 Bacon 50 40 30 20 10 20 20 (a) 40 eggs (b) 10 eggs (c) 20 eggs (d) 30 eggs (e) 50 eggs Explain: E 40 50 60 70 Fus
1. If the economy is operating at point C in the PPF below, the opportunity cost of producing an additional 15 units of bacon is: Exhib:6 unang 50 50 40 30 20 10. 20 20 E (a) 40 eggs (b) 10 eggs (c) 20 eggs (d) 30 eggs (e) 50 eggs Explain: 8 30 40 50 60 70
Potatoes 120- (a) 10 units of potatoes. (b) 20 units of potatoes. (c) 30 units of potatoes. (d) 40 units of potatoes. 100 90 70 40 20 D 10 20 30 40 Wine 7. From FIGURE 1, if the economy is operating at point C, the opportunity cost of producing an additional 10 units of oranges will be Oranges 8. From FIGURE 1, the production possibilities curve might shift outward to include G if (a) the economy put all unemployed resources to work. (b) the economy experienced more rapid price inflation. (e) improved training increased the productivity of workers such that there is economic growth. (d) the nation's population declined Bread FIGURE 1 D FIGURE 2 9. Refer to FIGURE 2. An economy is operating at full employment, and then workers in the bread industry are laid off. This change is portrayed in the movement from: (a) A to B (b) B to E (c) C to F (d) G to F
5) which of the following is not a determinant of a consumer's demand for a commodity? a) Price b) Income c) Taste and Preference d) Technology 1)If a price of the bun is $2 identity the corresponding quantity demanded 6) Assume that fims in an industry observe a15% increase in the productivity of labor, but to get there they had to increase the cost of labor by 10%. What should be expected to happen in the a) 5 b) 10 c) 15 d) 0 output market as aresult of this development? a) The Supply should incresse. b) The Demand should decressed. C) The Supply should decrease. d) The supply should remain unchanged. 2) Suppose that a decresse in the price of X results in less of good Y sold. This would mean that Xand Y are a) Normal Goods. b) Unrelated Goods. c) Substitute Goods. 7)By definition, an inferior good is a a) Good for which demand decreases when income increase. Want that is not expressed by demand. c) Normal substitute good. d) Good for which demand decresses when its price rises. d)…
1. If the economy is operating at point C in the PPF below, the opportunity cost of producing an additional 15 units of bacon is: Exhib: 6 50 40 30- A 20 10 D 20 20 40 50 60 (a) 40 eggs (b) 10 eggs (c) 20 eggs (d) 30 eggs (e) 50 eggs Explain: _ ||| 38 Egys
The graph below is Mendork's production possibility curve for the only two goods that it produces: quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Note: If the image does not appear, right-click on the placeholder and choose Show picture or View image. If Mendork's current production is at point A, what is the (approximate) cost of producing one more quirk? a) 50 quarks B b) 100 quarks c) 200 quarks d) One more quark e) 25 quarks
Figure 1 shows the PPF for an economy that produces Food and Clothes. Which of the following production bundles is NOT feasible? A) 170 Food and 48 Clothes B) 320 Food and 360 Clothes C) 500 Food and 0 Clothes D) 50 Food and 360 Clothes
Figure 1 shows the PPF for an economy that produces Food and Clothes. Which of the following production bundles is feasible and inefficient? A) 50 Food and 360 Clothes B) 500 Food and 48 Clothes C) 320 Food and 144 Clothes D) 50 Food and 264 Clothes
Figure 1 shows the PPF for an economy that produces Food and Clothes. Which of the following production bundles is feasible and efficient? A) 50 Food and 360 Clothes B) 170 Food and 144 Clothes C) 320 Food and 48 Clothes D) 440 Food and 144 Clothes
Figure 1 shows the PPF for an economy that produces Food and Clothes. What is the maximum amount of food that the economy can produce if it produces 48 clothes? A) 50 Food B) 320 Food C) 440 Food D) 500 Food

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1. If the economy is operating at point C in the PPF below, the opportunity cost of producing an additional 15 units of bacon is: Exhib:6 ४ Bacon 50 40 30 20 10. E 20 20 (a) 40 eggs 8- 30 40 (b) 10 eggs (c) 20 eggs (d) 30 eggs (e) 50 eggs Explain: 8. 50 60 70