Q.13. What does point B shows: (a) Underutilization of resources B (b) Full utilization of resources A° (c) Growth of resources (d) None of the above X Capital goods Consumption goods
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- Q.1 Pounds of Beef per Year (millions) 2.25 2.00 1.75 0 G 5.0 7.0 10.0 Bushels of Wheat per Year (millions) 1. What is the opportunity cost between points F and G? Is point H feasible? Yes/No. Explain in one sentence. 2.When economic growth occurs, the production possibilities frontier shifts outward but no longer limits the amount that can be produced. economy moves along its production possibilities frontier. production possibilities frontier shifts outward. production possibilities frontier becomes steeper.(b) Table 1 shows some data on the prices and quantities for a simple economy that produces the following goods and services. [Jadual 1 menunjukkan beberapa data harga dan kuantiti untuk sebuah ekonomi sederhana yang menghasilkan barang dan perkhidmatan berikut.] Table 1: Price and quantity for three types of product [Jadual 1: Harga dan kuantiti untuk tiga jenis produk] Year 2017 [Tahun 2017] Quantity [Kuantiti] Product Year 2018 Year 2019 [Tahun 2018] Quantity [Kuantiti] [Tahun 2019] Quantity [Kuantiti] [Produk) Price Price Price (RM) [Harga (RM)] 1 (RM) [Harga (RM)] 1 (RM) [Harga (RM)] 1.25 A 180 200 200 B 90 75 90 100 100 120 C 0.6 675 0.5 600 0.5 630 Compute the values of nominal GDP in 2017, 2018 and 2019. [Kirakan nilai-nilai KDNK nominal pada 2017, 2018 dan 2019.] (i)
- Production Possibilities Frontier Use the following information to complete this assignment. B C DE F G A Units of capital goods 6. 5 4 3 2 1 Units of consumer goods 3 4 5 Step 1: Draw the Y and X axes and number the units. Step 2: Label the Y and X axes and title the graph. Step 3: Plot the production combinations. Step 4: Draw the curve. Step 5: Note the opportunity cost of each variable in terms of the other. 6.A production possibilities table for two products, Consumption goods and Capital goods, is found below. Usual assumptions regarding production possibilities are implied. Consumption goods are measured in tons, and Capital goods are measured per unit. Combination Consumption goods Capital goods A 6 18 33 D 45 3 E 54 2 F 60 1 G 63 i. Sketch a production possibilities curve from the above information. ii. Using the information given in the above schedule, describe the concept of increasing opportunity cost. i. Suppose the economy is producing at a point inside the PPC. Give at least two reasons why this could occur. What could be done to move the economy to a point on the PPC? iv. “As compared to production combination F, the economy would experience higher growth rates in the future if production combination B is currently chosen." Comment this statement. v. Given the various possible production combinations of consumption and capital goods above, how does the society decides on the best…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.
- Economists refer to the inputs that firms use to produce goods and services as a. derived factors. b. derived resources. c. factors of production d. instruments of revenue.Capital goods Which points on the graph show the most efficient use of this society's resources? B (B, C, D, E) (A, D, E, F) (A, B, E, C) Consumer goods (A, B, C, D) ^Problem 2 A Nation's residents can allocate their scarce resources either to producing consumption goods or to producing human capital (that is, providing themselves with training and education). The table below displays the production possibilities for this nation: See textbook, pages x - xx. Combination A B с D E F G H I J K Units of Consumption Goods 0 20 40 60 80 100 120 140 160 180 200 Units of Trained Individuals 100 90 80 70 60 50 40 Part b Does the PPC illustrate the law of increasing additional cost? Please explain. 30 20 10 0 Part a Plot this student's production possibilities curve (PPC). Use Excel to plot the curve. When done, copy the chart from Excel and insert it in the space provided below). Use Excel to plot the curve. When done, copy the chart from Excel and insert it in the space provided below. Part c Suppose that the nation's residents currently produce combination D (60 units of consumption goods and 70 units of trained individuals). What is the opportunity cost…
- Production Alternative Types of Production A В D E Sandals 10 12 14 16 Boots 50 40 30 20 b. Label the points where the economy would be efficient (A), underutilized (B) and unattainable (C).#18 Which point represents a production possibility that is most efficient? * A, because iPod Touches are cheaper to produce than iPhones. F, because iPhones are more expensive for consumers to buy. D, because there are an equal amount of iPod Touches and iPhones available to consumers. Any point on the curve, because all available resources are used fully. Which point represents a production possibility that is possible but inefficient? A E * 1 pcWhat does a point inside the production possibilities frontier (PPF) represent? A. An efficient allocation of resources B. An underutilization of resources C. A technologically advanced production point D. An unattainable production level given current resources