Production Alternatives Type of Production A B D. E Automobiles 4 8. Forklifts 30 27 21 12 a. Show these data graphically. Instructions: Use the tool provided 'PPC' to draw a PPC curve (plot 5 points total). 10 Tools 8 PPC 4 2 10 20 30 40 50 Forklifts Upon what specific assumptions is this production possibilities curve based? (Click to select) b. If the economy is at point C, what is the (opportunity) cost of 2 more automobiles? What is the (opportunity) cost of 6 more forklifts? Which characteristic of the production possibilities curve reflects the law of increasing opportunity costs: its shape or its length? (Click to select) ▼| c. If the economy characterized by this production possibilities table and curve is producing 3 automobiles and 20 forklifts, what could you conclude about its use of available resources? The economy is (Click to select) ▼]its available resources. d. Is production at a point outside the production possibilities curve currently possible? (Click to select) Could a future advance in technology allow production beyond the current production possibilities curve? (Click to select) Could international trade allow a country to consume beyond its current production possibilities curve? (Click to select) Automobiles
Production Alternatives Type of Production A B D. E Automobiles 4 8. Forklifts 30 27 21 12 a. Show these data graphically. Instructions: Use the tool provided 'PPC' to draw a PPC curve (plot 5 points total). 10 Tools 8 PPC 4 2 10 20 30 40 50 Forklifts Upon what specific assumptions is this production possibilities curve based? (Click to select) b. If the economy is at point C, what is the (opportunity) cost of 2 more automobiles? What is the (opportunity) cost of 6 more forklifts? Which characteristic of the production possibilities curve reflects the law of increasing opportunity costs: its shape or its length? (Click to select) ▼| c. If the economy characterized by this production possibilities table and curve is producing 3 automobiles and 20 forklifts, what could you conclude about its use of available resources? The economy is (Click to select) ▼]its available resources. d. Is production at a point outside the production possibilities curve currently possible? (Click to select) Could a future advance in technology allow production beyond the current production possibilities curve? (Click to select) Could international trade allow a country to consume beyond its current production possibilities curve? (Click to select) Automobiles
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
C and D
Transcribed Image Text:Production Alternatives
Type of Production
B
D
E
Automobiles
2
4
8
Forklifts
30
27
21
12
a. Show these data graphically.
Instructions: Use the tool provided 'PPC' to draw a PPC curve (plot 5 points total).
10
Tools
8
PPC
4
2
10
20
30
40
50
Forklifts
Upon what specific assumptions is this production possibilities curve based?
(Click to select)
b. If the economy is at point C, what is the (opportunity) cost of 2 more automobiles?
What is the (opportunity) cost of 6 more forklifts?
Which characteristic of the production possibilities curve reflects the law of increasing opportunity costs: its shape or its length?
(Click to select)
c. If the economy characterized by this production possibilities table and curve is producing 3 automobiles and 20 forklifts, what could
you conclude about its use of available resources?
The economy is
(Click to select) V its available resources.
d. Is production at a point outside the production possibilities curve currently possible?
(Click to select) V
Could a future advance in technology allow production beyond the current production possibilities curve?
(Click to select) V
Could international trade allow a country to consume beyond its current production possibilities curve?
(Click to select)
Automobiles
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