Movies inumber per year) Refer to the accompanying figure. At point D, the opportunity cost of making milk is: Milk igallons per year) O high because productive resources that are better-suited to making movies are not being used to make milk. high because productive resources that are better-suited to making movies are being used to make milk. low because the economy is specializing in making milk. high because the economy is not operating efficiently.

Movies inumber per year) Refer to the accompanying figure. At point D, the opportunity cost of making milk is: Milk igallons per year) O high because productive resources that are better-suited to making movies are not being used to make milk. high because productive resources that are better-suited to making movies are being used to make milk. low because the economy is specializing in making milk. high because the economy is not operating efficiently.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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B. Use the data in the table below to calculate the opportunity cost of moving from one production point to another. ( - Calculate the Movement from A to B - Calculate the Movement from D to C Production of tables (millions) 60 Production point Production of cars (millions) A 4 56 C 8 48 12 36 16 20 E F 20
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.
Which is a good example of an opportunity cost? 1. “To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. UPS was expensive at the moment for smaller or lightweight packages whereas USPS offered a cheap price for these types of packages. UPS ships more than 220 internationally while USPS ships to certain international destinations. I have chosen USPS over UPS, orders were delivered on time and without damage by the United States Postal Service. The opportunity cost is the cost of UPS shipping. “ 2. “To begin, I began selling prints of my pictures in 2019 throughout 2020. USPS and UPS were the options I had during this period to ship out orders. I chose to ship my orders via UPS rather than USPS since it had the choice to ship orders internationally. While USPS is cheap and has fast shipping. Shipping the orders with UPS did not ship orders out on time, orders were damaged, and…
3. Economic growth The following graph shows the production possibilities curve (PPC) of an economy that produces food and computers. Suppose that a series of natural calamities and climate changes significantly reduce the economy's endowment of natural resources and damages its productivity capacity. Adjust the PPC to show the economy's new production possibilities after the decrease in natural endowment. QUANTITY OF FOOD (Millions of pounds) 32 24 16 0 0 5 PPC 10 15 QUANTITY OF COMPUTERS (Millions of computers) 20 PPC Consider the direction in which you shifted the PPC on the graph. This type of shift of the PPC generally means that GDP that the population in this economy does not change. In such a case, GDP per capita of this economy experiences economic growth. Assume . This means the economy
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.
6. Shifts in production possibilities Suppose Argentina produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities curve (PPC) for barley, an agricultural good, and airplanes, a capital good. Drag the production possibilities curve (PPC) on the graph to show the effects of a time-saving innovation in the manufacturing of airplanes. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. AIRPLANES (Thousands) 180 150 120 8 O 60 30 0 0 70 PPC 140 210 280 BARLEY (Millions of bushels) 350 420 PPC
8. Economic growth The following graph shows the production possibilities curve (also known as the production possibilities frontier) of an economy that produces cars and computers. Suppose that a rise in this economy's saving rate allows for investment in modern, efficient manufacturing plants. Adjust the production possibilities curve (PPC) to show the economy's new production possibilities after the rise in the saving rate. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. QUANTITY OF CARS (Mor) 24 PPC 5 10 QUANTITY OF COMPUTERS (Mor) 15 Suppose society faces a broad tradeoff between allocating resources to the production of investment goods (computers) and consumption goods (cars) before the rise in the saving rate described above. Which of the following events…
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
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Adjust the production possibilities frontier (PPF) to show the economy's new production possibilities after the deterioration of infrastructure. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. QUANTITY OF CARS (Millions) 24 16 0 0 O 5 OO PPF 10 QUANTITY OF COMPUTERS (Millions) 15 Suppose society faces a broad tradeoff between allocating resources to the production of investment goods (computers) and consumption goods (cars) before the deterioration of infrastructure described above. PPF Which of the following events would be most likely to lead to the deterioration of infrastructure you just illustrated? Increasing production of investment goods and decreasing production of consumption goods Decreasing production of investment and consumption goods Increasing…
this question is for macronomics but on bartleby does not show any opiton for macronomics it just show economics Table 20.4.4 Quantities 2013 2014 Bananas 1,000 bunches 1,100 bunches Coconuts 500 bunches 525 bunches Prices 2013 2014 Bananas $2 a bunch $3 a bunch Coconuts $10 a bunch $8 a bunch 5) Refer to Table 20.4.4 above. The table provides data on the economy of Tropical Republic that produces only bananas and coconuts. a) Calculate the Nominal GDP in 2013. b) Calculate the Real GDP in 2014. c) Calculate the GDP Deflator in 2014.
use the following scenario to answer the following quation : an economy has a two workers smith and ricardo. each day theywork .smith can produce 4 computers and 16 smartephone. and ricardo can producce 6 computers and 12 smartphones. (1) the opppertunity cost for smith to produce one computer is ......... smart phones. (a) one quater of (b) one half of (c) one (d) two (e) four