In Figure #1, which of the following points represent attainable production points? none of the points are attainable O all of the points are attainable O point Z is attainable O points W, X and Y are attainable Question 18 (1 point) In Figure #1, economic growth could be represented by O a shift in the production possibilities curve in to point W a movement from point X to point Y a shift in the production possibilities curve out to point Z a movement from point Y to point X

In Figure #1, which of the following points represent attainable production points? none of the points are attainable O all of the points are attainable O point Z is attainable O points W, X and Y are attainable Question 18 (1 point) In Figure #1, economic growth could be represented by O a shift in the production possibilities curve in to point W a movement from point X to point Y a shift in the production possibilities curve out to point Z a movement from point Y to point X

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. The graph below is set of hypothetical production possibilities for a nation. Consumption goods 7 6 5 4 3 2 1 A 0 1 B W 2 Capital goods C 3 4 5 6 7 3. From the information in the graph, which of the following points on the production possibilities curve are attainable with the resources and technology currently available?
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K The graph shows a production possibilities curve for 2023 and two potential production possibilities curves for 2024, denoted 2024, and 2024 a. The labeled point that corresponds to maximum feasible 2023 production and is more likely to be associated with the curve denoted 2024, is b. The labeled point that corresponds to maximum feasible 2023 production and is more likely to be associated with the curve denoted 2024, is - CD- Capital Goods 10- Production Possibilities Curves 0 X ON 2023 2024 2024 Consumption Quo Time Remaining: 01:09 43 feat
Refer to the information provided in Figure 2.1 below for the economy of Macroland to answer the question(s) that follow. Capital goods Consumer goods Figure 2.1 Refer to Figure 2.1. If Macroland's economy is at Point A, it could produce more consumer goods O only by sacrificing some capital goods. O without sacrificing any capital goods. O only with additional resources. O only with technological improvements.
Any point on a country's production possibilities curve represents a combination of two goods that an economy will never be able to produce. can produce using all available resources and technology. can produce using some portion, but not all, of its resources and technology. may be able to produce in the future with more resources and/or technology.
a] Draw a production possibilities curve (PP1). Label the horizontal axis Tools and the vertical axis Grain. Now, assume the development of a new technology that can be used only in the tool industry, and that it increases tool output by 50 percent. 6. Assume that the economy of Finhorn faces the following production possibilities: QUANTITIES PER YEAR C D b) Draw a new production possibilities curve (PP2) that reflects this new technology. A 25 40 50 Grain c) If Finhorn produced 12 units of tools per year, how many units of grain could be produced after the introduction of the new technology? 12 8 4. Tools
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Forks (thousands) 70 A 58 46 20 44 60 90 Spoons 80 (thousands) Refer to Figure 2-6. If the economy is currently producing at point B, what is the opportunity cost of moving to point C? 80 thousand spoons O 20 thousand spoons 26 thousand forks O 20 thousand forks
When economic growth occurs, the production possibilities frontier shifts outward but no longer limits the amount that can be produced. economy moves along its production possibilities frontier. production possibilities frontier shifts outward. production possibilities frontier becomes steeper.
Table 2-1 Production Possibilities Tennis Rackets Tennis Balls 100 200 300 8,000 6,500 ? Refer to Table 2-1. If the production possibilities frontier is bowed outward, then which of the following could be the maximum number of tennis balls produced when 300 tennis rackets are produced? O a. 6,000. b. 5,500. O c. 5,000. O d. 4,500.
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