An economy is productively efficient whenever it is producing the maximum output with given technology and resources OA Faise OB True An economy's production is efficient OA whenever it is operating on its production possibilities curve OB whenever it is operating outside its production possibilities curve OC whenever it is operating beneath to production possibilities curve. OD only when it is operating at the end points on its production possibilities curve

An economy is productively efficient whenever it is producing the maximum output with given technology and resources OA Faise OB True An economy's production is efficient OA whenever it is operating on its production possibilities curve OB whenever it is operating outside its production possibilities curve OC whenever it is operating beneath to production possibilities curve. OD only when it is operating at the end points on its production possibilities curve

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Figure 2-4 Production possibilities curve B A Food Which of the following is true of Figure 2-4? 2-4.png If the economy operates at point B, resources are being used inefficiently. O If the economy operates at point A, resources are being used efficiently. If the economy operates at point B, it is impossible to increase the output of clothing without giving up food production. If the economy operates at point A, it is impossible to produce more of both food and clothing. Clothing
nvellu Xl.com/Student/PlayerHomework.aspx?homeworkld=611294898&questionld=8&flushed%3Dfalse ITMG 1B Econ 2100 Homework: Basics ... Question 8, 1.1 Question... HW Scor > O Point: nic The problem of scarcity O A. can be solved in a market economy. O B. exists because the unlimited human wants cannot be satisfied with limited resources. O C. would disappear if there were no market failures. O D. exists because the limited human wants cannot be satisfied with available resources. O E. always results in shortages of some goods.
Problem 1: Production Possibilities Frontier Consider an economy that produces bicycles and autos. The production possibilities schedule shown below denotes the points on the production possibilities frontier. Points Amount Bicycles Amount Autos A 10 B 8 D E 5 8 12 14 15 a) Draw the production possibilities frontier in a clearly labelled graph. You can assume the points on the frontier are connected by straight lines. Please put bicycles on the x-axis and autos on the y-axis. b) Is point E more efficient in production than point C? Explain. c) Based on this production possibility frontier, can the economy currently produce 8 bicycles and 10 autos? If not, explain what would need to happen to allow the economy to produce 8 bicycles and 10 autos. d) True/False/Uncertain (and explain): Point B more efficient in allocation than point A. e) Does this production frontier have increasing opportunity costs? Explain, and also explain why it is common for production frontiers to have increasing…
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The unintended consequences of an economic change that are not immediately identifiable but are felt only with time are known in economics as O marginal effects. scarcity constraints. O opportunity costs. O secondary effects.
ITMG 1B Econ 2100 mic E Homework: Basic... Question 15, 1.1 Questio... Consider the figure at the right, which represents the production possibilities boundary for pizzas and guns. The combination(s) of pizzas and guns at O A. points A and C are attainable and efficient. O B. point B is efficient and attainable. O C. points A and C are less efficient than at point B. O D. points A and C require more resources than at point B. O E. point A is more efficient than at point C.
47. Consider the production possibility frontier of an economy in Figure 1-1. If the economy is governed by rational actors, it is likely to choose between how many of the production points labeled in the figure? a. 5 b. 4 24234L c. 3 d. 2 Computers 50 40 ON 30 OS 25 0 Figure 1-1 € 7580 85 100 Adoles
The production possibility curve shows all the following except O a. Economic growth O b. The law of demand O c. The supply curve of 2 goods O d. The law of increasing opportunity cost O e. Inefficiency in production
A nation can produce two products: tanks and autos. The following table is the nation's production possibilities schedule. Production Possibilities A B 0 1 1,000 950 Product Tanks Autos Multiple Choice The total opportunity cost of two unit(s) of tanks is O O O O 850 units of autos. 150 units of autos. 200 units of autos. C 2 850 100 units of autos. D 3 650 E 4 350
Refer 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?
7. What is scarcity? In market economies, what determines the distribution of scarce goods and resources?
The branch of economics that studies the decisions of individuals and firms is called O macroeconomics. O normative economics. O positive economics. microeconomics and macroeconomics. O microeconomics.