Answering which of the following questions is not part of "organizing economic activity,"described in class?O How should we distribute output?O What should we produce?O How should we produce output?O What prices should we charge?Question 32.MacBook Air吕口F3F5F6F7F8#32$&346.78ERYLL

Scarcity: - it is a very basic problem of economics that is related to the limited availability of…

Answered: Answering which of the following…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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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…
O private citizens. Question 45 of 50 The collapse of the U.S. economy demonstrated that: O O capitalism was losing ground to Marxist communism. the United States was not a world power. the economies of the world are connected. Oprosperity was not possible in peacetime. Question 46 of 50 As part of an agreement in 1939, Stalin and Hitler agreed to:
950 850 - 700 400 100 200 300 400 The figure above illustrates Mary's PPF. Which of the following statement is FALSE? Select one: a. Opportunity cost of moving from B to C is greater than the opportunity cost of moving from D to E O b. Productive efficiency is represented by point Bon the PPF. O c. Point Z can be in a new PPF if technology improves. O d. Productive inefficiency is represented by point W in the PPF.
a. Consider the following statement: "The market system is a profit-and-loss system." This statement is O false, because the market system does much more than provide profits and losses. O true, because consumers purchase only what they want, producers will earn profits. O true, because producer decisions are motivated by the attempt to earn profits. O false, because consumers purchase only what they want, producers will earn profits.
Dina's Diner only produces sliders and hot wings. Can you explain the opportunity cost pattern as you move from point E to D to C in the table below? Production Possibility Table for Dina's Diner Choice A B C D E Quantity of Quantity of Sliders Hot Wings Produced Produced 80 F3 75 65 50 30 0 Q 10 F4 20 O the opportunity cost of producing hot wings remains the same from E to D to C. there is increasing marginal opportunity cost of sliders. no such restaurant would ever exist so there is no answer. there is decreasing marginal opportunity cost of sliders 30 40 오 F5 MacBook Air FO 8 F7 DII FB DD F9
uppose the rtomahon in the ulowing tatletra smple sconomy that produces only the fowng four goods shoes, hanburgers shins, and coon Furher amethat al of he cn isett prode sherte 2012 Statietics 2020 Staetios 2021 Statice Quanity 100 M5 00 136 75 13.000 Product Ouantity 10 0.00 Price Quantity Price Price Shoes 100 0.00 120 Hanburgers Shita 300 35.00 3.00 30.00 3.50 00 30.00 Cotton 12.000 12.000 if the base year is the year 2012. then realGDP for 2000 equasS nd your anwer o the nearest penny) and th rel GDP for 2021 oguals nd your anwr to the neat pen b. The annua) growth rate of real GDP in 2021 is s. (Enter your reponse aa percentege rounded to teo decimal places)
QUESTION 1 To ensure that trade benefits all parties involved, a, the trade must involve services as well as goods. b. the trade must be voluntary. c. there must be a difference in comparative advantage. d. specialization through training must occur. O e. money must be exchanged. QUESTION 2 When is marginal analysis needed to make a decision? a, when the choice is between doing more or less of something b. when the choice is between doing something and not doing something c. when the choice is between actions with a quantifiable monetary value d. when the choice is between actions that cannot be assigned a monetary value e. when the choice is between doing something and doing the exact opposite
Which one below is FALSE for economic theories or models. Select one: O a. They are generalizations used to give context to our observations. O b. They attempt to establish cause and effect between economic variables. O c. They are built with assumptions and then tested with facts. O d. They always reflect reality.
Please choose the correct answer?
Situation in which the amount of an item available is less than people want; O a. Scarcity O b. Production Possibility Frontier O C. Resources Od Opportunity cost
QUESTION 26 Which of the following is not correct? A typical production possibilities curve O A. indicates how much OB.reveals how much each of two products a society can produce additional unit of one product will cost in terms of the other OC specifies how much of each O D. indicates that to produce more of one product society must forgo larger and larger amounts product society should produce product
How are goods and services allocated in a market economy? O by government decisions O by giving each individual just enough for a decent standard of living by the actions of all firms and consumers by inherited rights and properties

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Answering which of the following questions is not part of "organizing economic activity," described in class? O How should we distribute output? O What should we produce? O How should we produce output? O What prices should we charge?