Question 6 If opportunity costs are constant, then O the production possibilities curve does not exist. O the production possibilities curve bows outward. O the production possibilities curve is a straight line. O factors of production must not be fully employed.

Question 6 If opportunity costs are constant, then O the production possibilities curve does not exist. O the production possibilities curve bows outward. O the production possibilities curve is a straight line. O factors of production must not be fully employed.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section: Chapter Questions

Problem 20AA

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Comparative Advantage and Absolute Advantage Analysis

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Which of the following is true of the production possibilities curve? O It shows the minimum attainable output in a given period of time with a given amount of resources. O The quantity and quality of resources remain unchanged during a given period of time along the curve. O It shows that scarcity can be eliminated with full employment of resources. O It slopes downward because of the decreasing opportunity cost of production.
which one of the following is true about the production possibilities frontier (ppf) o a. the information is perfect o b. large number of buyers and sellers o c. free entry and exit o d. government interference in economic activities
The shape of the production possibilities curve usually has a concave-shape. What does say about the factors of production when the production possibilities curse is a straight line? O diminishing return between the production of featured goods no diminishing return between the production of featured goods O increasing return between the production of featured goods O the factors of production are incapatable
Suppose that you own a house. What is the opportunity cost of living in the house? O The opportunity cost is the cost of your monthly mortgage payment plus bills. O The opportunity cost is the rent you could have received from a tenant if you didn't live there. O There is no opportunity cost unless you could set up a business in the house. O There is no opportunity cost because you own the house.
Below is a table of production possibilities for a company that produces soft drink bottles and juice bottles (in thousands of units per week): Production alternatives production type A B C D E F Set of 8 soft drink bottles 0 4 10 15 19 22 12 juice box 58 56 48 32 16 0 Plot this data on a graph. What specific assumptions are represented by this production possibilities curve? If a firm is at point C, what is the opportunity cost of an additional set of soft drinks? From an extra juice box? If the company characterized in this table produced 7 sets of 8 bottles of soda and 40 cases of 12 juices, what could be concluded about the use of available resources? Is production currently possible at a point outside the production possibilities curve? Explain your answer.
He does not have any trade-offs in this situation. Instead of buying a ticket to a concert, you wait in line all night to get free tickets being given away at a local radio station. You: O do not bear an opportunity cost because the ticket was free. bear an opportunity cost, which is what you would have otherwise done with yo time. O bear an opportunity cost, which is the price you would have paid for the ticket. O do not bear an opportunity cost because all you gave up was some sleep. The purpose of a production possibilities graph is to *
When new and better ways of producing all goods and services are discovered or when the quantity of capital increases, O A. the opportunity cost of all goods decreases O B. our economy grows, but we still face scarcity and opportunity cost O C. the economy moves along its production possibilities frontier O D. the production possibilities frontier shifts inward e Text Pages Grapher Get More Help -
Tell me why each point deserves to be where it is
a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each additional unit of military output produced (number of planes) using the table below: Instructions: Enter your responses as a whole number. Military output Consumer goods output Opportunity cost 0 100 1 95 2 80 b. As military output increases, opportunity cos 3 60 4 35 (Click to select) decrease remain constant increase 5 0
Which economic model reveals the variety of options for what to do with your scarce time? Supply curve Demand curve O Income distribution curve O Production possibilities curve
The figure shows the production possibilities frontier for a country. If the economy is operating at point B, then the opportunity cost of another million gallons of milk is Ice cream (millions of gallons per year) O A. 1 gallon of ice cream for a gallon of milk. O B. 4 gallons of ice cream for a gallon of milk. O C. zero because after producing another million gallons of milk then zero gallons of ice cream are produced. 4 D. 3 gallons of ice cream for a gallon of milk. E. 1/3 of a gallon of ice cream for a gallon of milk. 4. Milk (millions of gallons per year)
Economics In economics, Economies of Scope occur when: O The production possibilities curve is reduced to one good O It is less costly for a manufacturer to produce a new good if it is already producing another good O New products expand the scale of operations O Corporate vision is driven by long-term outcomes over short-term gains