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- 4 Consider an economy that produces two goods: X and Y. The following graph depicts a scenario where the economy starts on the green production possibilities frontier (PPF 1). The economy's PPF then shifts from the initial PPF to the second PPF in blue (PPF 2) Refer to the following graph to answer the question. X PPF 2 PPF 1 True or False: The graph depicts a shift of the PPF that might occur in the event of a war. O True O FalseThe economy was at point A producing 100X and 200Y. It moved to point B where it produces 200X and 300Y. It follows that point A may have been a point below the economy's production possibilities frontier (PPF), while point B may lie on the PPF. the economy's PPF could have shifted outward and point B was a point on the economy's old PPF the economy has moved from one point on its PPF to another point on the same PPF.Which of the above 4 graphs best represents the change in the PPF if a tornado destroys part of the country? A. Graph A. B. Graph B. C. Graph C. D. Graph D.
- The economy was at point A producing 100X and 200Y. It then moves to point B where it produces 200X and 300Y. It follows that a. the economy has moved from one point on its PPF to another point on the same PPF. Ob the economy moved from an unattainable point to an attainable point. O the economy's PPF could have shifted inward and point A was a point on the economy's old PPF. Od. point A may have been a point below the economy's PPF, while point B may lie on the PPF.SMARTPHONES (Millions) 40 20 0 PPF 0 40 60 CORN (Millions of bushels) Which of the following is true regarding this economic model? O In order to construct such a model, an economist would need real life data regarding countries that produce only two goods. O The fact that there are only two goods produced in this theoretical economy, when, in reality, economies produce many more types of goods, means this model is generally useless. O This PPF is not an economic model. O The fact that there are only two goods produced in this theoretical economy is a simplifying assumption that still allows economists to demonstrate key economic concepts. 20 80 100Question 3. Consider the following linear PPF. Beef 200 50 Wine O Christopher Boone 2024 - This content is protected and may not be shared, uploaded, or distributed. a. Find the slope of the PPF. b. Provide an equation for the PPF in terms of the variables B (for beef) and W (for wine). c. Suppose this economy is currently producing 70 units of beef and 15 units of wine. Is this point (15, 70) an efficient level of production? Explain why or why not. d. If this economy produces exactly 10 units of wine and uses its resources efficiently, how much beef would it produce?
- Chapter 03 Homework BASIL (Millions of pounds) 48 42 BASIL (Millions of pounds) 36 30 24 18 12 6 0 48 42 36 30 24 The following graph shows the same PPF for Congaree as before, as well as its initial consumption at point A. 12 PPF 06 As you did for Glacier, place a black point (plus symbol) on the following graph to indicate Congaree's consumption after trade. (?) 18 PPF 6 0 0 12 6 O True O False 11 18 24 30 CORN (Millions of pounds) 12 Congaree A ☆ + 36 I I 18 30 CORN (Millions of pounds) 24 42 36 48 42 Consumption After Trade 48 Consumption After Trade True or False: Without engaging in International trade, Glacier and Congaree would not have been able to consume at the after-trade consumption bundles. (Hint: Base this question on the answers you previously entered on this page.)Once again, consider Vil and Malleus, who initially do not trade. They can produce wine, meat, or some combination of the two using only 50 hours of labor each per week. Vil can produce 500 units of wine if he produces no meat; he can produce 2000 units of meat if he produces no wine. Malleus can produce 400 units of wine if he produces no meat; he can produce 1200 units of meat if he produces no wine. Their opportunity costs are constant, so their PPFs are straight downward-sloping lines. In autarky, Vil used half (50%) of his time to produce meat and the rest on wine, while Malleus spent 7/10 (70%) of his time on meat production and the rest of his time on wine production. However, now the two have decided to trade with each other. They decide that each producer will fully specialize in the good where he has comparative advantage. Later, they will work out the details on how much meat will trade for wine and vice versa.None
- Meanwhile, in the country of Portugal, wool and wine can also be produced according to a linear PPF. However, when all resources are devoted to production of wine, Portugal can produce 100 barrels, but when all resources are devoted to wool production, Portugal can produce 50 bushels What are the opportunity costs in Portugal of producing a bushel of wool?13. Assuming the PPF is shifting from PPFo to PPFn, which of the following explains the cause or causes of the economic growth depicted in this Figure? a) This Figure represents growth due to an increase in resources and/or improvement in technology that are specific to the production of X. b) This Figure represents growth due to an increase in resources and/or improvement in technology that are specific to the production of Y. c) This Figure represents growth due to an increase in resources and/or improvement in technology that are not specific to either product. d) This Figure represents growth due to an increase in specialization.Figure 1 shows the PPF for an economy that produces Food and Clothes. What is the maximum amount of clothes that the economy can produce if it produces 320 food? A) 48 Clothes B) 144 Clothes C) 264 Clothes D) 400 Clothes
