Question Completion Status:QUESTION 5If an economy is in autarky (self-sufficient), then the production possibilities frontieris the same as the consumption possibilities frontier.is greater than the consumption possibilities frontier.is less than the consumption possibilities frontier.is always a straight line.a.b.С.d.O aO bO dQUESTION 6Table 1.Number of hours laborneeded to producea pizzaa burgerUnitedStates2 hs2 hsItaly1 hs4 hsRefer to Table 1. Which country has the absolute advantage in the production of pizza?a.United Statesb.ItalyС.Both Italy and United Statesd.There is no enough information to determine which country has the absolute advantageO a

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Description: Question Completion Status:QUESTION 5If an economy is in autarky (self-sufficient), then the production possibilities frontieris the same as the consumption possibilities frontier.is greater than the consumption possibilities frontier.is less than t

Production possibilities frontier shows all that combinations of two goods which can be produced…

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QUESTION 5 If an economy is in autarky (self-sufficient), then the production possibilities frontier is the same as the consumption possibilities frontier. is greater than the consumption possibilities frontier. is less than the consumption possibilities frontier. is always a straight line. a. b. C. d. O a O b O d QUESTION 6 Table 1. Number of hours labor needed to produce a pizza a burger United States 2 hs 2 hs Italy 1 hs 4 hs Refer to Table 1. Which country has the absolute advantage in the production of pizza? a. United States b. Italy Both Italy and United States There is no enough information to determine which country has the absolute advantage С. d. O a

QUESTION 5 If an economy is in autarky (self-sufficient), then the production possibilities frontier is the same as the consumption possibilities frontier. is greater than the consumption possibilities frontier. is less than the consumption possibilities frontier. is always a straight line. a. b. C. d. O a O b O d QUESTION 6 Table 1. Number of hours labor needed to produce a pizza a burger United States 2 hs 2 hs Italy 1 hs 4 hs Refer to Table 1. Which country has the absolute advantage in the production of pizza? a. United States b. Italy Both Italy and United States There is no enough information to determine which country has the absolute advantage С. d. O a

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Question Completion Status:
QUESTION 5
If an economy is in autarky (self-sufficient), then the production possibilities frontier
is the same as the consumption possibilities frontier.
is greater than the consumption possibilities frontier.
is less than the consumption possibilities frontier.
is always a straight line.
a.
b.
С.
d.
O a
O b
O d
QUESTION 6
Table 1.
Number of hours labor
needed to produce
a pizza
a burger
United
States
2 hs
2 hs
Italy
1 hs
4 hs
Refer to Table 1. Which country has the absolute advantage in the production of pizza?
a.
United States
b.
Italy
С.
Both Italy and United States
d.
There is no enough information to determine which country has the absolute advantage
O a

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Suppose that an economy produces only 2 goods, beer and pizza. Show a typical production possibilities frontier for this country and use it to define and explain the opportunity cost concept and the concept of increasing opportunity costs. If a technology was invented that made the production of beer much more efficient but had no effect on the production of pizza how would the production possibilities frontier change (show it). While all points on the production possibilities curves maximize production, which point maximizes satisfaction? 1. With reference to a diagram, show and explain how a market, left on its own, will tend toward an equilibrium in which there is neither a surplus nor a shortage of the product. 1. What condition must be met in order to conclude that an economy is maximizing social well-being? Do the equilibriums given by individual markets necessarily lead to the maximization of social well-being (that is, if demand is equal to supply, can you conclude that…
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