QUESTION TWO UT OF FOUR Given the Production Possibility Frontier below, Pencils Explain the meaning of points A, B, C and D. Outline any three (3) factors that cause a shift to point D. Explain why the Production Possibility Frontier slopes downward By giving two examples, state two (2) key characteristics of public goods. List any five (5) advantages of a market economy. Exnl Eynlain the disadvantages of economic growth. SADS

QUESTION TWO UT OF FOUR Given the Production Possibility Frontier below, Pencils Explain the meaning of points A, B, C and D. Outline any three (3) factors that cause a shift to point D. Explain why the Production Possibility Frontier slopes downward By giving two examples, state two (2) key characteristics of public goods. List any five (5) advantages of a market economy. Exnl Eynlain the disadvantages of economic growth. SADS

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 5QR

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1. Describe and illustrate what a Production Possibility Frontier (PPF) for a two good economy looks like, which if it used all its resources, can produce either 300 units of national security or 140 units of health care, or some combination of the two. 2. Explain what the opportunity cost is and calculate it for this example (assume constant opportunity cost).
vidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.
Question 4 Which of the following statements about the production possibility frontier is correct? It is a tool a social planner would use to allocate goods to individuals. Its slope is also the marginal opportunity cost of the good on the x-axis. It illustrates the allocation of workers towards the production of two goods. Its slope is also the marginal opportunity cost of the good on the y-axis. Question 5 Suppose you grow tomatoes and cucumbers on your balcony. If you must give up growing 12 tomato plants to be able to grow 3 cucumber plants, then your opportunity cost of growing 1 cucumber plan is 4 tomato plants 3 tomato plants 1 tomato plant 2 tomato plants
Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. Draw a production possibility frontier curve showing which “good” should be placed on each axis and why your curve would have a particular shape. In what ways does the production possibilities curve reflect scarcity, choice and opportunity cost? and list 3 possible impacts of an improved fertilizer on the production possibility frontier.
1. The table below is a list of the maximum combinations of rice and beans that the Island of Utopia can produce. combination rice beans A 1200 0 B 1100 1200 C 900 2000 D 500 2600 E 200 2900 F 0 3000 (i) Draw the production possibility frontier (PPF) for the Island of Utopia I (ii) Explain what a point on the line shows (for example point A or B, etc). Full answer required. Assume the economy starts at point D and moves to point B. Explain what is happening here. Calculate the opportunity cost.
Use the figure below to answer the following questions. Good Y 10- 8 a 4 2 0 2 4 a B 8 10 Good X Figure 2.1.1 Refer to the production possibilities frontier in Figure 2.1.1. Which one of the following is true about point C? Select one: A. It is attainable only if we consume more of good X. B. It is attainable only if we consume more of good X C. It is unattainable. D. It is attainable only if we consume less of good X. E. It is attainable only if we consume less of good Y
Food output QUESTION 20 Study the diagram and answer the question. Production possibility frontier A 25 B 15 H C 10 G D 5 E 0 5 10 15 20 25 30 Film output This production possibilities frontier is concave to the origin because: resources are equally substitutable between the production of food and films. society can have more food only if it produces more films. a) b) c) the cost of food in terms of films is constant. d) the opportunity cost of food in terms of films increases and more films are produced.
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05. What is the per-unit opportunity cost of product Y as production moves from point D to point B? a) 6/7 b) -6/7 c) 7/6 d) -7/6
A production possibilities table for DVDS and computers is shown below. Production Alternatives Type of Production A B D E Computers 20 40 60 80 DVDS 80 70 55 35 a. Show these data graphically, and then identify a point that indicates an inefficient use of resources and a point that indicates an unattainable combination of goods. Instructions: Use the tool provided 'PPC' to draw a PPC curve (plot 5 points total). 100 Tools 80 PPC 60 40 G 20 20 40 60 80 100 Computers Point (Click to select) ]is an example of an inefficient point, while point (Click to select) |is an example of an unattainable point. b. Does the economy above demonstrate the law of increasing opportunity cost? (Click to select) DVDS
A production possibilities table for DVDS and computers is shown below. Production Alternatives Type of Production A B D E Computers 20 40 60 80 DVDS 80 70 55 35 a. Show these data graphically, and then identify a point that indicates an inefficient use of resources and a point that indicates an unattainable combination of goods. Instructions: Use the tool provided 'PPC' to draw a PPC curve (plot 5 points total). 100 Tools 80 PPC 60 40 20 20 40 60 80 100 Computers Point (Click to select) ♥ is an example of an inefficient point, while point (Click to select) ▼ is an example of an unattainable point. b. Does the economy above demonstrate the law of increasing opportunity cost? |(Click to select) ♥ DVDS