QUESTION 17 The assertion that "there is no free lunch" means that: OA. there are always trade-offs between economic goals OB. all production involves the use of OC.marginal analysis is used in economic reasoning D.choices need not be made if behavior is rational scarce resources and thus the sacrifice of alternative goods QUESTION 18 Any point inside the production possibilities curve indicates. A, that resources are imperfectly substitutable among alternative uses. O B. the presence of OC. the presence inflationary of technological change O D. that more output could be produced with the available pressures resources QUESTION 19 Although sleeping in on a work day or school day has an opportunity cost, sleeping late on the weekend does not O True

QUESTION 17 The assertion that "there is no free lunch" means that: OA. there are always trade-offs between economic goals OB. all production involves the use of OC.marginal analysis is used in economic reasoning D.choices need not be made if behavior is rational scarce resources and thus the sacrifice of alternative goods QUESTION 18 Any point inside the production possibilities curve indicates. A, that resources are imperfectly substitutable among alternative uses. O B. the presence of OC. the presence inflationary of technological change O D. that more output could be produced with the available pressures resources QUESTION 19 Although sleeping in on a work day or school day has an opportunity cost, sleeping late on the weekend does not O True

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 4SCQ: What are the similarities between a consumers budget constraint and societys production...

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Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?
Figure 1 The production possibility frontier ABCDE is a production possibility frontier. It shows the different combinations of goods which can be produced if all resources are fully and efficiently utilised. The economy can produce at any point on the line. It cannot produce at G because the PPF shows the maximum that can be produced. It can produce within the PPF,05 such as at F, but less will be produced than the maximum possible. Non-manufactured goods 50 40 30 20 10 0 A 10 B Ti C 20 30 Manufactured goods G D E 40
2. Below is a production possibilities frontier (PPF) for Happyland, acountry that produces only two goods- wine and cheese. wine cheese a) Explain what the production possibilities frontier is and how it illustrates scarcity. b) What happens to the marginal opportunity costof cheese production in Happyland as the country increases its cheese production? (increase, decrease, unchanged or indeterminate?) Explain how you can tell this from the PPFand why it happens. c) Briefly describe two specific policies the government of Happyland could undertake to shift out their PPF in future periods. (By specific policies, I mean something they can actually do to change productivity for either or both of these goods. "Increase resources," for example, is not a specific policy. What resources and what type of policy could increase the resources used for either of these products?)
Consider the figures above. In Economy B, the opportunity cost of making O A. butter in terms of guns is decreasing. O C. guns in terms of butter is decreasing. O E. butter in terms of guns is lower than in EconomyA. Quantity of Guns Production Possibilities Boundary Economy A 1 2 Quantity of Butter Q Quantity of Guns Production Possibilities Boundary Economy B 6 7 8 Quantity of Butter OB. butter in terms of guns is increasing. O D. butter in terms of guns is higher than in Economy A.
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nvellu Xl.com/Student/PlayerHomework.aspx?homeworkld=611294898&questionld=8&flushed%3Dfalse ITMG 1B Econ 2100 Homework: Basics ... Question 8, 1.1 Question... HW Scor > O Point: nic The problem of scarcity O A. can be solved in a market economy. O B. exists because the unlimited human wants cannot be satisfied with limited resources. O C. would disappear if there were no market failures. O D. exists because the limited human wants cannot be satisfied with available resources. O E. always results in shortages of some goods.
QUESTION 2 The assertion that "there is no free lunch" means that: OA. there are always trade- offs between economic O B. all production involves the use of scarce resources and thus the sacrifice of alternative goods OC. marginal analysis is used in economic O D.choices need not be made if behavior is rational goals reasoning
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To determine how much of a good to produce to achieve allocative efficiency, we O A. construct a production possibilities frontier and choose the midpoint. O B. must produce on the PPF and at the point where the marginal benefit exceeds by as much as possible the marginal cost of the good. OC. construct a production possibilities frontier and choose any point on it. O D. must produce on the PPF and at the point where the marginal benefit exceeds by any amount the marginal cost of the good. O E. must produce on the PPF and at the point where the marginal benefit and marginal cost of the good are equal.
Explain why scenario 3 is inefficient over 1 and 2
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The unintended consequences of an economic change that are not immediately identifiable but are felt only with time are known in economics as O marginal effects. scarcity constraints. O opportunity costs. O secondary effects.