) ListenSome points on the production possibility curve represent less than full employment and thus the optimalcombination of resources should be found based on a society's resource endowments.TrueFalseListenThe statement in a newspaper that "consumer prices rose last month by 1 percent,and if this trend continues, the annual rate of inflation will be 12 percent for theyear" is an example of a normative economic statement.1) True2) False) ListenA society will put more investment on consumer goods than capital goods if it values more of presenthappiness than future happiness.TrueFalseListenBudget lines and production possibility curves have a common assumption of increasing opportunity costs.TrueO FalseListenAs long as marginal benefit exceeds marginal cost, any economic activity is optimal.1) True2) False

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) Listen Some points on the production possibility curve represent less than full employment and thus the optimal combination of resources should be found based on a society's resource endowments. True False

) Listen Some points on the production possibility curve represent less than full employment and thus the optimal combination of resources should be found based on a society's resource endowments. True False

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Bicycles 120 14 8 6 4 2 A B D 0 2 4 6 8 10 Computers Refer to the diagram. If society is currently producing 14 units of bicycles and 0 units of computers and it now decides to increase computer output to 4, the cost Multiple Choice will be 5 units of bicycles. will be 4 units of bicycles. will be zero because unemployed resources are available. of doing so cannot be determined from the information given.
In ‘standing on shoulder’ effect in the production of ideas existing technology can be productive in the production of new technology just as it is in the production of final goods. True or False
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
Which phrase best replaces X? Lower prices and increased quality of items Higher profits and decreased costs of production Higher supply and increased value of corporations Lower demand and decreased scarcity of resources
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Question 4 There is now also another country, Foreign, there is a labor force of 800. Foreign's unit labor requirement in watermelon production is 5, while in kiwi production it is 1. a) how many units of watermelon can be produced? when the labor in Foreign country only produce watermelon. b) how many units of kiwi can be produced? When all the labor in Foreign country only produce kiwi. c) What is the opportunity cost of watermelon in terms of kiwi in Foreign country? d) Describe the pattern of trade. Home country should produce? Foreign country should produce? Why? e) Show that how both Home and Foreign country gain from trade.
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
6. b) There are two firms in the economy. Each firm employs positive amounts of capital and labour. The technology satisfies diminishing marginal rate of technical substitution of labour for capital. Currently, A's marginal rate of technical substitution of labour for capital is 4 while B's marginal rate of technical substitution of labour for capital is 2. Is the current production of the two firms efficient? If not, describe an exchange of inputs that would improve efficiency. Can these production levels of the two firms be observed in a perfectly competitive equilibrium of a production and exchange economy? Explain.
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If an economy is producing inside its production possibility curve, it reflects ____________________________________. Question 5 options: 1) an efficient use of scarce resources 2) the concept of scarcity 3) an underutilisation of resources 4) increasing opportunity cost