Microland's economy is at Point B, t could produce more consumer goods OA only with technological improvements. OB. without sacrificing any capital goods OC. by sacrificing some capital goods OD. only with additional resources. Capital gred
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- Point D in Figure 1.3 represents: a. an inefficient use of resources. Capital Products O Icon Key Figure 1.3 B Consumer Products Ob. full employment. c. a combination of consumer and capital products that may be obtainable sometime in the future, but is impossible to produce now. d. economic growth. e. a combination of products that can be produced only if resources are fully and efficiently employed.A production possibilities curve is drawn basedon which of the following assumptions?a. Resources are fixed and fully employed, andtechnology advances at the rate of growth ofthe economy overall.b. Resources such as nonrenewable resourceswill decline, but labor remains fullyemployed and technology is unchanged.c. Resources can vary; most resourcesexperience times of unemployment; andtechnology advances, particularly duringwartime.d. Resources such as labor and capital will growand are fully employed, and technology isunchanged.e. None of the answers correct.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
- Define factors of production and describehow they contribute to output.Check My Work The Widespread Reach of Economies. Explain why the science of economies is concermed with the activity of households and individuale at one emd of the scale and that of multinational corporations and governments at the other.Production possibility curve shows ____________. a. All of these b. The output that can be produced by an economy. c. Level of output with minimum wastage of inputs d. Production of two products that are produced by an economy
- QUESTION 20 Which af the fallawing is not an illustration of the notion of opportunity cost O A. The production of more military goods means fewer resources are available for civilian goods. O B. The land a Kansas farmer plants in wheat is not available for corn production. OCIFI buy a pizza, I will not be able to afford a mavie. O D.A growing economy can produce more consumer goods and mare capital goods at the same time. QUESTION 21 The diagram below shows the market for apples. Which of the following events might have caused the shift in the supply curve from S to S2 Pee OA. A sludy showing new health benelits af apples is published in the Washington Past O B. Orchad productivty increases due to a new fertiliser OC Orchard productivity decdines due to draught O D. None af the above QUESTION 22 When we study economics the objective is to learn: O A. how to allocate unlimited resources to satisly unlimited wants O B. how to allocate unlimited resources to satisfy limited uses O C. how…1. What is the opportunity cost of a particular product? The price paid for that product. b. The value put on that product by the person who bought it. c. The value of the next-best alternative that is given up as a result of buying that particular product. d. The combined value of all the other alternatives that are given up as a result of buying that particular product. a. 2. Which of the following is a capital good? An oven in a bakery. b. A home computer. a. c. The first application of CD ROM technology to an economics textbook. d. An investment in IBM stock.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.VII. Which points shown in Figure 2 indicates an inefficient use of resources after an economy has grown? Figure 2: growth YWhich of the following will NOTshift a country's production possibilities frontier outward? O A. An increase in the capital stock. O B. An increase in the labour force. O C. An advance in technology. O D. A reduction in unemployment.