Question 31 A production possibilities curve that is a straight line results O always exchanging one good for another at increasing costs O increasing scarcity O the fact that there are no tradeoffs O always exchanging one good for another at a constant costs

Question 31 A production possibilities curve that is a straight line results O always exchanging one good for another at increasing costs O increasing scarcity O the fact that there are no tradeoffs O always exchanging one good for another at a constant costs

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 3.6P

See similar textbooks

Related questions

Q: PRICE O 0. QUANTITY d' Refer to Figure 4-10. Which of the following movements would illustrate the…

A: The demand and supply curves are graphical representations that illustrate the relationship between…

Q: a code of conduct for business(a) applies to all businesspeople in canada(b) applies only to large…

A: he correct answer is (d) a code of conduct for business is an agreed-to written document created by…

Q: Suppose the money demand function is Md P = 500+ 0.1Y - 500i a) Calculate velocity if Y = 1000, r =…

A: The total demand for liquid money by all participants of an economy is the money demand. Whereas,…

Q: You are selling extra tickets to the Midwest Regional Sweet 16 game in the men's NCAA basketball…

A: Now analysing the willingness to pay table , If the price is greater than $500 then there is no…

Q: 1) A risk-neutral monopoly must set output before it knows the market price. There is a 50 percent…

A: There is a 50 percent chance the firm's demand curve will be P=20 - Q and a 50 percent chance it…

Q: Fiscal Deficits and government debts of developing countries/Solomon Islands?

A: Fiscal deficit is the difference between government spending and government revenue. A fiscal…

Q: The Queensland economy is initially in long-run equilibrium. Due to a worldwide oversupply, the…

A: The AD-AD framework, also known as the Aggregate Demand-Aggregate Supply framework, is an analytical…

Q: What effect will this announcement have in the market for internet services in the DRC, Kenya and…

A: Increase in supply means the supply curve has shifted to the right. There are various factors that…

Q: This firm's zero economic profit output is ? • This firm's profit maximising output will be ?…

A: A firm makes zero economic profit when its total cost is equal to its total revenue. A firm makes…

Q: Question 2 When the announcement was made in January about the availability of Starlink in Nigeria,…

A: When the announcement was made in January about the availability of Starlink in Nigeria, it could…

Q: The market for a good has a $10 negative production externality and the demand and supply are given…

A: The externalities lead to such market outcomes which are not efficient. The negative externalities…

Q: A car costs $30,000 in the United States and 3,300,000 yen in Japan. The exchange rate is $1 = 102…

A: Purchasing power parity (PPP) is a popular metric used by macroeconomic analysts that compares…

Q: Question2: Complete the following table. Y P(S) TR ($) TC ($) Price Total Total Output Cost 1 30 2…

A: By relating manufacturing or operational expenses to revenues from sales, cost-revenue assessment…

Q: The table given below shows the average total cost of production of a firm at different levels of…

A: Marginal cost refers to the change in the total cost when one more unit of output has been produced.…

Q: One of the basic facts of life is that people must make choices as they try to attain their goals.…

A: Scarcity: Scarcity refers to the condition where resources, including time, money, labor, natural…

Q: what was the role of government under marcantilism?

A: Under mercantilism, the role of the government was significant and interventionist. The primary…

Q: ANN 0 $75 150 225 Amount of Money Demanded and Supplied Multiple Choice O Price Level о O $50 $150…

A: Aggregate demand is the sum of consumption, investment, government spending and net export. This…

Q: The UQ Economics Society is considering two expenditure options. It can either buy 3,000 branded…

A: The UQ Economics Society is considering two expenditure options. It can either buy 3,000 branded…

Q: Consider the following table. Which option correctly fills the blanks in the table? Perfect…

A: The residual demand curve represents the quantity of a good or service that consumers are willing to…

Q: Refer to Figure 2 Price and cost per unit $32 28 25 3 14 15 Ć MR 26 28 34 Show Transcribed Text MC…

A: Under a monopoly, a single seller faces the entire market demand on his own. Here, the seller…

Q: Output (Income) 2,400 2,800 3,000 3,200 3,400 3,600 3,800 Consumption Net Spending Taxes(C=100+.9Yd)…

A: Aggregate demand: Aggregate demand is defined as the total demand for goods and services within an…

Q: 6. In a classical economy, the velocity of money is 100 (constant). a. If output is 1000 units and…

A: Quantity theory of money is an economic concept that determines the relationship between money…

Q: For each year the following table contains information about actual real GDP (Y), the full…

A: GDP refers to the total monetary value of all final goods and service that a nation produce in a…

Q: F $30 and $25.70 in the first and second periods, espectively. Assume the rate of return on…

A: Efficient allocation describes the process in which the optimal distribution of resources in a…

Q: Let's take a look at Chapter 30, Section 2 on Taxation. The largest source of revenue for the…

A: A tariff refers to a tax or duty leaved by a government or the central authority on goods or…

Q: If a bank has $118400 in reserves, $201600 in loans, what is the banks reserve ratio?' 19% 59% O22%…

A: Reserve ratio = Total Reserves / Total Deposits Total deposits = Total reserves + Total loan

Q: Here is the market for Broccoli Quantity Demanded = 100 - 2P Quantity Supplied = 3P There is a law…

A: Quantity demanded refers to the amount of any good or service that consumers want to purchase and…

Q: It is Thursday, which means local handymen Val and Earl have to empty the septic tank of a neighbor…

A: Nash equilibrium is the point of a game corresponding to which each participant optimizes his…

Q: The following graph gives the demand (D) curve for satellite TV services in the fictional town of…

A: A monopoly firm produces at the intersection of MR and MC curves. When ATC keeps decreasing as…

Q: Consider the following data for a Human Development Index = 0,683 Education Index 0,638 Income Index…

A: HDI (Human Development Index) is a composite measure used in economics to assess and compare the…

Q: Discuss the main negative social and economic implications of industrializing in an open globalised…

A: Industrialization refers to the process of transforming an economy from primarily agrarian and…

Q: 4.b(b) Jenny wishes to accumulate $10000 over 5 years for an overseas trip. She will make a deposit…

A: To calculate the amount that Jenny should deposit every 6 months, we can use the formula for the…

Q: Question 7 Assume that initially FiberOne is the only provider of internet services before January.…

A: FiberOne is the only provider of internet services. So FiberOne is a Monopolist. A monopolist is a…

Q: Suppose that the one-year interest rate in Australia is 7.66% p.a. and in New Zealand, it is 8.63%…

A: It would be more inclined to borrow in Australia if interest rates were lower, but the advantages of…

Q: West Trendia has computed its CPI for three years, using 2016 as the base year. Instructions: Round…

A: The consumer Price Index is a measure used in economics to track changes in the average price level…

Q: If contractionary policy brings output below the full-employment level of GDP the short-run…

A: The total amount of final goods and services produced in an economy in a year- Gross Domestic…

Q: Suppose the price elasticity of supply for crude oil is 2.5. How much would price have to rise to…

A: Price elasticity of supply represents the change in quantity supplied due to change in price of the…

Q: Price 16 14 12 10 8 6 42 0 0 0 $16 0 $12 $8 1 2 3 4 Quantity 5 Supply = MC 6 Demand MB 7 = 8 Using…

A: Marginal Cost:Marginal cost is the additional cost incurred by a firm or producer when it produces…

Q: In the figure below, AB is the production-possibility curve of Canada. The line PQ shows the price…

A: International trade refers to the process of countries engaging in the interchange of goods and…

Q: 2a. If imports exceed exports, is it a trade deficit or a trade surplus? What about if exports…

A: The balance of payments (BOP) is a data representation that provides an overview of all financial…

Concept explainers

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.

Question

Typed plz and Asap

Thanks

Question 31
A production possibilities curve that is a straight line results
O always exchanging one good for another at increasing costs
O increasing scarcity
O the fact that there are no tradeoffs
O always exchanging one good for another at a constant costs

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Define PPF

VIEW

Step 2: Explain the correct option

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Question 3 Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. [State all that applies.] Select one or more: attainable unattainable efficient inefficient
Assume that your company produces two goods: laptops and tablets. Assume aslo that your company has limited resources( including time) to devote to producing these items. Now assume that the laptop team does something to improve the efficiency of making laptops, while the tabley holds to old methods. Given the change you can a) only increase your production of laptops b) only increase your production of tablets c) increase production of both items d) not increase your production in either tablets or laptops.
Macmillan Learn Suppose that Ned can produce either potato chips or computer chips. If he only produces potato chips he can produce 50 in a day. If he only produces computer chips, he can produce 25 in a day. Drag the endpoints of the line to plot his production possibilities frontier (PPF) on the graph. Potato Chips 50 45 40 35 30 25 20 15 10 Incorrect 5 O 0 5 10 15 20 25 30 Computer Chips 35 40 Ned's PPP 45 50 What is the opportunity cost of potato chip production in terms of computer chips? 4/3 0 0 0 1/2 50 25 2 3/4
QUESTION 10 product Y product Y 28 # 20 16 12 8 4 0 28 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 16 24 product X Point E 20 product Y product Y 4 20 16 12 8 4 0 28 20 16 12 8 4 0 O 0 Fig. B Production Possibilities Frontier PPFO 4 PPFO PPFn 8 12 Fig. D Production Possibilities Frontier PPFn Point E 12 16 24 product X 16 20 Point E 20 24 product X 24 product X 10. Which of the above figures represents economic growth caused by an increase of resources specific to the production of product Y? (a) FIGA O (b) FIG B (c) FIG C O (d) FIG D
QUESTION 9 product Y product Y 28 # 20 16 12 00 8 4 0 28 24 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier 4 PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 24 product X 16 Point E 20 product Y 2 product Y 28 20 16 12 8 4 0 20 16 12 8 4 0 0 Fig. B Production Possibilities Frontier 0 PPFO 4 8 4 PPFo PPFn 12 8 24 product X 09. In figure A the shift of the Production Possibilities Frontier outward would be best explained by: O (a) a movement towards efficient production. O (b) an increase in demand for both products. (c) an increase in specialization of resources. O (d) an increase in available resources specific to the production of good X. (e) an increase in available resources specific to the production of good Y. Fig. D Production Possibilities Frontier PPF 16 Point E 12 20 24 product X 16 Point E 20 24 product X
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.
12 Investment Figure 14.4 383.Figure 14.4 shows three possible shifts in the production possibilities frontier of a country. Which allocation would be the most likely explanation for shift number 3? (A) R (B) W (C) x (D) Y (E) Shift number 3 is not possible. LHH actment Consumption
Point A B C D E Production of X Production of Y 0 40 3 36 6 28 9 16 12 0 The above table shows production combinations on a country's production possibilities curve. What is the opportunity cost of decreasing the production of good Y from 28 to 16 units? O 12 units of good X O 6 units of good X There is no opportunity cost when moving from one point to another along a production possibilities curve. O 3 units of good X
2. Comparative and absolute advantage Loc and Ashima are farmers. Each one owns a 14-acre plot of land. The following table shows the amount of zucchini and watermelon each farme produce per year on a given acre. Each farmer chooses whether to devote all acres to producing zucchini or watermelon or to produce zucchini or some of the land and watermelon on the rest. Loc Ashima Zucchini (Pounds per acre) 10 18 Watermelon (Pounds per acre) 5 6 On the following graph, use the blue line (circle symbol) to plot Loc's production possibilities frontier (PPF), and use the purple line (diamond sym to plot Ashima's PPF. (?)
Consider the figure at the right, which represents the production possibilities boundary for pizzas and guns. The combination(s) of pizzas and guns at O A. points A and C are just attainable but inefficient. O B. points A and C are less efficient than point B. O C. point B is efficient but unattainable. O D. point B is attainable but inefficient. O E. points A and C are unattainable. Quantity of Pizza Quantity of Guns C
Gmail Remaining Time: 4 hours, 12 minutes, 19 seconds. * Question Completion Status: 60°F Cloudy Ⓒ YouTube 2 Maps S * What does the shape of the Production Possibilities Frontier say about the production of these two goods ? O A. Goods Land M require identical resources to produce. O B. There are decreasing Opportunity Costs as more of Good M is produced. O C. There is Zero Opportunity Cost in terms of Good L as more of Good M is produced. O D. Goods L and M are used in fixed proportions to produce another good. O E. Goods L and M require different resources to produce. 3 W E Lamar State Colleg... us history D $ A R LL 40 % 5 T 6 Good L O Search & Y 10 7 G H 5 5 Good M U 8 ly f10 ( 1 9 J K 10 O O O L P
Quantity of Guns Production Possibilities Boundary Economy A 2 Quantity of Butter Consider the figures above. In Economy B, the opportunity cost of making O A. butter in terms of guns is higher than in Economy A. O C. butter in terms of guns is decreasing. E. guns in terms of butter is decreasing. Q Quantity of Guns Production Possibilities Boundary Economy B 7- 1 Quantity of Butter Q M OB. butter in terms of guns is increasing. O D. butter in terms of guns is lower than in EconomyA.