Potatoes120-(a) 10 units of potatoes.(b) 20 units of potatoes.(c) 30 units of potatoes.(d) 40 units of potatoes.10090704020D10 20 30 40Wine7. From FIGURE 1, if the economy is operating at point C, the opportunity cost of producing an additional 10units of oranges will beOranges8. 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 declinedBreadFIGURE 1DFIGURE 29. Refer to FIGURE 2. An economy is operating at full employment, and then workers in the bread industry arelaid 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

(a) 10 units of potatoes. (b) 20 units of potatoes. (c) 30 units of potatoes. (d) 40 units of potatoes. 120 Oranges 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 8. From FIGURE 1, the production possibilities curve might shift outward to include Gif (a) the economy put all unemployed resources to work. FIGURE 1 (b) the economy experienced more rapid price inflation. (c) improved training increased the productivity of workers such that there is economic growth. (d) the nation's population declined (c) C to F (d) G to F Wine Bread 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 B

(a) 10 units of potatoes. (b) 20 units of potatoes. (c) 30 units of potatoes. (d) 40 units of potatoes. 120 Oranges 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 8. From FIGURE 1, the production possibilities curve might shift outward to include Gif (a) the economy put all unemployed resources to work. FIGURE 1 (b) the economy experienced more rapid price inflation. (c) improved training increased the productivity of workers such that there is economic growth. (d) the nation's population declined (c) C to F (d) G to F Wine Bread 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 B

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A production possibilities table for two products, Consumption goods and Capital goods, is found below. Usual assumptions regarding production possibilities are implied. Consumption goods are measured in tons, and Capital goods are measured per unit. Combination Consumption goods Capital goods A 6 18 33 D 45 3 E 54 2 F 60 1 G 63 i. Sketch a production possibilities curve from the above information. ii. Using the information given in the above schedule, describe the concept of increasing opportunity cost. i. Suppose the economy is producing at a point inside the PPC. Give at least two reasons why this could occur. What could be done to move the economy to a point on the PPC? iv. “As compared to production combination F, the economy would experience higher growth rates in the future if production combination B is currently chosen." Comment this statement. v. Given the various possible production combinations of consumption and capital goods above, how does the society decides on the best…
assume county is in recession . assume the county only produces food and clothing draw a correctly labeled a production possibilities curve for the county show a point that could represent the current output combination label a
Need help with macroeconomic my little choice review question 26. Suppose that a University’s tuition is $7,000. The cost of textbooks is $1,000, and the cost of food & housing is $19,000. If you did not go to the University, you would have worked as a server, making $50,000 per year.What is your opportunity cost of attending The University?(A) $27,000. (B) $77,000. (C) $58,000. (D) $50,000. 27. Wakanda has a GDP of $720 trillion and a population of 6 million. What is Wakanda’s GDP per capita?(A) $120,000,000.(B) $720,000,000,000,000. (C) $100,000,000,000. (D) $833,333,333.
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Question 3 Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. [State all that applies.] Select one or more: attainable unattainable efficient inefficient
If, next year, the production possibilities curve passes through point W on which point on this year’s production possibility curve (PPC) is it not possible for the economy to be operating? A) 100,144 B) 175,0 C) 80,144 D) 0,210
Refer to Figure 2-14. If this society is producing at point T, a. there is unemployment. b. production is efficient. c. growth can only be achieved through an advancement in technology. d. the opportunity cost of producing one more sweater is approximately 40 bushels of apples. ↑sweaters 200 180+ 160 140 120 100- 80 60 40+ 20 Figure 2-14 20 40 60 80 100 120 140 160 180 apples Consider the production possibilities curve for a country that can produce sweaters, apples (in bushels), or a combination of the two
Martha is a florist who is trying to maximise her output. She can produce two types of flowers: lilies and violets. Shown below is Martha's production possibilities curve. The X denotes the quantity of each flower she is currently producing. Lilies (bunch/hour) 132 99 66 33- 24 Answer the following questions: 48 72 a. Is the current output attainable? 96 Violets (bunch/hour) Type Y for Yes or N for No. b. Calculate the opportunity cost of producing 1 bunch of lilies. Answer to the nearest two decimal places. c. Is the current output efficient, inefficient, or neither because it is unattainable? bunches of violets. Type E for efficient, I for Inefficient, or N for Neither.
03. Which of the following statements about point C is FALSE? a) production of both X and Y can increase, without more resources or improvement in technology. b) to produce more of product Y, some of product X has to be sacrificed. c) 12 units of product Y and 16 units of product X is being produced. d) the economy is not producing efficiently. e) both (a) and (d).
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a) The s utility function is given as follows: U(z,y) = x+y The budget-constrained of 8 in spending money on the watching cricket match and movies as follows: 845x + 36y= 324 Now the utility function for finding the optimal bundle of preferences The bundle of a and y is under budget Now the Bundle of (x, y) is (2, 2) 45(2) 36(1) 45x + 36y= 324 36(2) 324 324 162 < 324 The MRS is one means to get an additional unit of zone unit of y will sacrifice and to get one additional unit of y, one unit of z will sacrifice. The budget line explain if (x, y) is (1, 1) 45(1) then = 324 $81 < 324 Now the Bundle of (x, y) is (3, 3) 90+72 Now the Bundle of (x, y) is (4,4) 45x+36y 324 45(3) 36(3) 324 135+108 324 243 < 324 = U(x, y) = x+y dU 45x + 36y= 324 45(4) 36(4) 324 180+144 324 324 324 = 1 dz MU2=1 du dy MUy=1 MRS MUT Pz MUY Py MRS=1 =1 MU MUy So the optimal bundle for S is 4 unit of z and 4 unit of y that is (4,4).
) Listen Some points on the production possibility curve represent less than full employment and thus the optimal combination of resources should be found based on a society's resource endowments. True False Listen The statement in a newspaper that "consumer prices rose last month by 1 percent, and if this trend continues, the annual rate of inflation will be 12 percent for the year" is an example of a normative economic statement. 1) True 2) False ) Listen A society will put more investment on consumer goods than capital goods if it values more of present happiness than future happiness. True False Listen Budget lines and production possibility curves have a common assumption of increasing opportunity costs. True O False Listen As long as marginal benefit exceeds marginal cost, any economic activity is optimal. 1) True 2) False