A production point located inside the PPF line or curve in an economy in autarky is O efficient but impossible inefficient and wastes some inputs O desirable but impossible O possible and efficient
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- ITMG 1B Econ 2100 mic 三I E Homework: Basic... Question 26, 1.1 Questio... Because resources are scarce, individuals are required to T TE O A. make choices among alternatives. O B. sacrifice production but not consumption. O C. use resources inefficiently. O D. improve distribution but not production. O E. consume at inefficient points below the production possibilities curveThe figure shows an economy's production possibilities frontier and identifies some production points. We can produce all combinations O A. inside the PPF and on the PPF O B. on the PPF and outside the PPF O C. on the PPF but not inside or outside the PPF D. inside the PPF, on the PPF, and outside the PPF O E. inside the PPF but not on the PPF or outside the PPEThe production possibilities are listed below: Coconuts Pineapples 8. 2. 4 2 8. Which of the following best describes the PPF for the information above? Select one: O a. The opportunity cost of producing an additional pineapple decreases as the amount of coconuts produced decreases O b. The opportunity cost of producing an additional pineapple is the same at every point O c. The opportunity cost of producing an additional pineapple is zero at every point O d. The opportunity cost of producing an additional pineapple increases as the amount of coconuts produced increases 6. 4.
- Output in the economy can be increased by O adding more workers increasing the number of machines O investing in education all of the aboveRefer to the production possibility frontiers for two friends Frodo and Sam who can both produce Ice creams and Jelly beans. Frodo's maximum production of Ice creams is 500 with no Jelly beans, or 2,000 Jelly beans with no Ice creams. Sam's maximum production of Ice creams is 600 with no Jelly beans, or 1,200 Jelly beans with no Ice creams. ICE CREAMS ICE CREAMS 600 500 1200 JELLY BEANS 2000 JELLY BEANS Frodo' PPF Sam's PPF Answer briefly these TWO questions in the box space provided below. Part A: Assuming efficient production without trade, derive the maximum amount of Jelly beans that can be produced by Sam along with 300 Ice creams. Describe your steps in detail. Part B: Assume that Frodo and Sam agree to specialize in production and trade between themselves. Frodo offers 1,000 Jelly beans to Sam in exchange for 300 lce creams. Would Sam agree to this trade?QUESTION 9 product Y product Y 28 # 20 16 12 00 8 4 0 28 24 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier 4 PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 24 product X 16 Point E 20 product Y 2 product Y 28 20 16 12 8 4 0 20 16 12 8 4 0 0 Fig. B Production Possibilities Frontier 0 PPFO 4 8 4 PPFo PPFn 12 8 24 product X 09. In figure A the shift of the Production Possibilities Frontier outward would be best explained by: O (a) a movement towards efficient production. O (b) an increase in demand for both products. (c) an increase in specialization of resources. O (d) an increase in available resources specific to the production of good X. (e) an increase in available resources specific to the production of good Y. Fig. D Production Possibilities Frontier PPF 16 Point E 12 20 24 product X 16 Point E 20 24 product X
- In economics, normative statements are about Select one: O a. the way things are. O b. the way things ought to be. Oc. marginal benefits, not marginal costs. O d. marginal costs, not marginal benefits. The production possibilities frontier bows outward because Select one: O a. opportunity costs are decreasing as the production of a good increases. O b. resources are of uniform quality. Oc. opportunity costs are increasing as the production of a good increases. O d. opportunity costs are fixed as the production of a good increases.Remote Control Cars 180 120 60 Remote Control Planes 50 80 100 Figure B-4 shows the production possibilities frontier for a processing plant that can produce both remote-control cars and remote-control airplanes. The opportunity cost of moving from point B to C (in terms of a 1-unit increase) is O a. 20 remote control planes O b.3 remote control cars Oc1 remote control plane O d.33 remote control carsWhat happens if a country produces a combination of goods that efficiently uses all of the resources available in the economy? 100- O A. The country has eliminated scarcity. O B. The country is maximizing its opportunity cost. A 80- c. The country is operating on its production possibilities frontier. B G O D. All of the above occur if a country uses all available resources. 60- Refer to the graph to the right. What is the opportunity cost of moving from point B to point C? 40- O A. 40 sedans 30 F **... O B. 40 SUVS D 20- O C. 20 sedans O D. 20 SUVS 10 50 E 20 40 60 80 100 Quantity of SUVS produced per day Quantity of sedans produced per day
- Wendy is splitting her time during a week between writing essays and outlining book chapters. One of the efficient ways for Wendy to allocate her time is to write 5 essays and outline 2 chapters during a week. It must be true that: 3 essays and 5 chapter outlines would be unattainable. 4 essays and 3 chapter outlines would be both attainable and efficient. 4 essays and 0 chapter outlines would be unattainable. O 2 essays and 3 chapter outlines would be efficient.The figure shows an economy's production possibilities frontier and identifies some production points. ....I Which points are efficient? O A. Points F and G only O B. Points A, B, C, F, and G O C. Points D and E only O D. Points A, B, C, D, and E O E. Points A, B, and C onlyYou rent a car for $29.95. The first 100 miles are free, but each mile thereafter costs 10 cents. You plan to drive it 200 miles. What is the marginal cost of driving the car beyond the first 100 free miles? O The marginal cost is $10.00 plus the cost of gas. O The marginal cost is whatever can be purchased with $29.95 plus $10.00. O The marginal cost is $29.95. The marginal cost is the cost of gas plus the initial payment.
