Below is a production possibilities curve for a large tract of prairie farmland. What is the opportunity cost of 1 unit of rye? Quantity of rye 400 300 200 100 100 200 300 400 500 600 Select one: a. 0.5 units of wheat 2 units of wheat 5 units of wheat 600 units of wheat e. none of the above O b. O c. O d. Quantity of wheat

Below is a production possibilities curve for a large tract of prairie farmland. What is the opportunity cost of 1 unit of rye? Quantity of rye 400 300 200 100 100 200 300 400 500 600 Select one: a. 0.5 units of wheat 2 units of wheat 5 units of wheat 600 units of wheat e. none of the above O b. O c. O d. Quantity of wheat

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Beer Beer 20 10 0 1313 10 0 10 20 30 Pizza West Lothian 10 20 Select one: East Lothian Pizza Refer to the above diagrams. The solid lines are production possibilities curves; the dashed lines are trading possibilities curves. The trading possibilities curves suggest that the terms of trade are: a. 1.5 beers for 1 pizza. Ob. 1 beer for 2 pizzas. c. 2 beers for 1 pizza. Od. 1 beer for 1.5 pizzas.
Suppose that you own a house. What is the opportunity cost of living in the house? O The opportunity cost is the cost of your monthly mortgage payment plus bills. O The opportunity cost is the rent you could have received from a tenant if you didn't live there. O There is no opportunity cost unless you could set up a business in the house. O There is no opportunity cost because you own the house.
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The table above gives four production possibilities for airplanes and cruise ships. In possibility A, how many resources are devoted to the production of airplanes? A. all B. few C. most D. O E. It is impossible to tell without more information about the prices of airplanes and cruise ships.
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Based on the figure below, answer the following questions: A В 50 40 D 30 20 10 F 10 20 30 40 50 Food Production What this figure represents. Explain. а. b. How does the above curve illustrate the tradeoff we must make to increase food production? Clothing Production
While producing on the production possibilities frontier. if additional units of a good could be produced at a constant opportunity cost, the production possibilities frontier would be Select one: O a. boswed outward. O b.a straight line. O c bowed inward. O d. positively sloped.
Claire and Don are farmers who produce beef and com. In a year, Claire can produce 40 tons of beef or 200 bushels of corn. In a year, Don can produce 20 tons of beef or 120 bushels of corn.. To maximize their total output of beef and corn A. Claire and Don each spend half of their time producing beef and the other half producing corn B. Don produces beef and corn while Claire produces nothing C. Claire produces beef and Don produces corn OD. Don produces beef and Claire produces com
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Use the table to answer questions 1. What is the oppourtonity cost of producing 800 tons of fruit instead of 450?
The production possibilities curve below shows the hypothetical relationship between the production of guns (national defense) and butter (social goods) in an economy. Combination A B C D E Guns O 20 60 80 100 Butter 8 6 4 2 0 Your response should be a number ONLY. 1. What is the marginal opportunity cost of moving from 2 to 4 units of butter? Guns. 2. What is the total opportunity cost of producing the four (4) unit of butter? Guns
The marginal benefit of an additional beach towel is $8. The marginal cost of producing an additional beach towel is $12. If producers are not minimizing the average costs of production, then we can conclude beach towel production is neither allocatively nor productively efficient. beach towel production is allocatively efficient but not productively efficient O beach towel production is both allocatively and productively efficient. O beach towel production is not allocatively efficient but is productively efficient.