Refer to Figure 2-6. If the economy is currently producing at point B, what is the opportunity cost of moving to point C? 80 thousand spoons 20 thousand spoons O 26 thousand forks O 20 thousand forks
Q: Which would be likely to shift the production possibilities curve to the right? O A decline in the…
A: Production possibility frontier refers to the graph which represents different combinations of two…
Q: In Figure #1, which of the following points represent attainable production points? none of the…
A: Production possibility curve (PPC) is a representation of two goods which depicts the different…
Q: Table 1 Assume that England and Spain can switch between producing cheese and producing bread at a…
A: Comparative advantage refers to the ability to produce goods and services at a lower opportunity…
Q: The primary reason that living standards in some countries are higher today than they were a century…
A: * ANSWER :- From the above information the answer is provided below.
Q: Suppose a country's population grows by 2 percent a year and, at the same time, its real GDP grows…
A: Real GDP (Gross Domestic Product) is a measure of a nation's economic output adjusted for inflation.…
Q: Assume that England and Spain can switch between producing cheese and producing bread at a constant…
A: The value of the next best alternative that is forgone when making a choice or decision is termed…
Q: Answer the question based on the following information: Suppose 30 units of product A can be…
A: The four production techniques are listed in the table below:Production technique1234Labor…
Q: When the price of one good increases and the price of the other good and income are held constant,…
A: A budget line represents combination of two goods that can be consumed with the given budget. A…
Q: on what you paid for the ticket, hased on sunk cost fallacy? O No, because the we naid
A: A ‘sunk cost’ refers to money that has already been spent and that cannot be recovered. In business,…
Q: Computers (per year) 200 150 A 100 50 C 25 50 75 100 125 VCRS (per year)
A: To produce 25 additional VCRs, 50 computers have to be sacrificed. Cost of 1 additional VCR is 2…
Q: Which of the following is CORRECT? Select one: If a firm is technologically efficient, it is always…
A: Technological Efficiency: A firm is said to be technically efficient when it started producing…
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A: A market economy is an economic system in which the production, distribution, and pricing of goods…
Q: 40 35 30 25 20 10 10 20 30 40 50 60 10 0 Duatity
A: Consumer Surplus can be defined as the difference between what the consumer is willing to pay and…
Q: Tons of manufactured products per year 700 600 500 300 200 400 600 Tons of Agricultural products per…
A: Opportunity cost refers to the value of the next best alternative forgone when a decision is made to…
Q: a. from point V to point W b. from point W to point Y c. from point Y to point Z Which of the…
A: Production possibility curve refers to the graph which shows the combination of two goods that can…
Q: Suppose you observe the following change in the production possibility frontier of the economy: Car…
A: PPF is the production possibility frontier. PPF is the production possibility of two goods in an…
Q: If Sima can make either 6 shirts or 7 vests per week, what is her opportunity cost of producing 1…
A: Opportunity Cost is the cost of the alternative that is being sacrificed in order to select some…
Q: Figure 2-5 Paper (millions of tons) 11 9 4 0 19 million tons of steel 3 million tons of steel Refer…
A: The production possibility frontier is defined as the various combination goods or commodities at…
Q: Which of the following is CORRECT? Select one: O a. If a firm is technologically efficient, it is…
A: A firm is said to be technically efficient when it uses few inputs as possible for production and…
Q: ssume that one day's labor in Argentina can produce either 20 units of cloth or 2 units of wine,…
A: Opportunity cost measures the trade-off between two goods i.e. a good needs to be given in order to…
Q: Question 22 If a production possibilities frontier is bowed outward, then the opportunity cost of…
A: The question is asking about the conditions under which the opportunity cost of producing more of…
Q: The problem of choosing the appropriate production techniques refers to which type of economic…
A: Let's answer each of the following questions one by one along with the reasons behind them.
Q: Question 21 Technological improvements will: O leave the production possibilities curve unchanged.…
A: PPC stands for the production possibility curve. It depicts the graphical representation of all…
Q: fer to Exhibit 2-4. This economy is productive O a. inefficient, if it operates at point B or C. Ob.…
A: It can be described as a level of producing any product or service at which the resources or input…
Q: Consider a world composed of two countries, Home (H) and Foreign (F). Individuals living in each…
A: Production possibility frontier to maximum level of production which an economy can achieve when it…
Q: Manuel rents a house for $21,500 per year. The house can be purchased for $375,000, and he has this…
A: Opportunity cost: - opportunity cost is a forgone benefit which we could have earned by applying all…
Q: Brazil and Colombia can both produce either bananas or coffee. Brazil can produce either 16 pounds…
A: Brazil:Bananas (pounds) = 0Coffee (pounds) = 16Columbia:Bananas (pounds) = 4Coffee (pounds) = 20We…
Q: None
A: Here's why:Scarcity and Trade-offs: The table represents a production possibilities schedule (PPS)…
Q: Which of the following is not required for a country to be producing at a point on its production…
A: The Production Possibility Frontier (PPF) is a crucial idea in financial matters that outlines the…
Q: The following table lists the costs incurred by a student attending a public university for one…
A: The costs for a student to attend a public university for one semester is Tution and Fees$3000Rent…
Q: m Feasible Hourly Production Rates of Either A or Product B Using All Available Resources oduct A…
A: Opportunity cost measures the trade off between two goods.
Q: The basic difference between macroeconomics and microeconomics is that: O A. microeconomics is…
A: Microeconomics is considered to be the study of households, individuals and firms and their role in…
Q: The above table shows production combinations on a country's production possibilities curve. What is…
A: A production possibility curve depicts the combinations of two goods that can be produced using the…
Q: A country operates inside its production possibilities curve; this may be caused by unemployment. O…
A: Correct : unemployment
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A: Specialisation is defined as when any nation, any company or any individual to increase its…
Q: F1/3 72/3 The production function Y = AK"L describes %3D O a. how any amount of capital and a…
A: A production function, in general, is a representation of how the quantity of output changes as a…
Q: Clothing to 10 5 0 ● Figure 1 Figure 1 illustra have 10 more to Select one: A. 10 more B. 5 fewer C.…
A: A production possibility curve (PPC) depicts the combination of two goods that a nation can produce…
Q: Based on the production possibilities frontier shown below, if this economy decides to shift its…
A: Opportunity cost is a fundamental concept in economics that refers to the value of the next best…
Q: Exhibit: Sugar and Freight Trains Tons of sugar per period 244 225 180 100 19 tons of sugar. B 45…
A: The Production Possibility Curve (PPC) is a graphical representation used in economics to illustrate…
Q: Assume a country increases the production of capital goods (& decreases consumer goods). This will:…
A: An economy generally produces teo types of goods that are capital goods and consumer goods. Capital…
Q: 6. Which statement is true? L. A negative productivity shock to all goods and services can be…
A: So in simple and general words we can say that the Production possibility frontier is actually known…
Q: Le consumption possibilities frontier shows a. a nation's opportunity cost of producing different…
A: A country is said to have a comparative advantage if it can produce the good at a lower opportunity…
Q: Suppose that, with constant opportunity costs, Spain can produce 8,000 units of clothing if it…
A: Opportunity cost is the cost of producing one good in terms of other. Opportunity cost shows the…
Q: Refer to Figure 2-16. Suppose this economy is producing at point B. Which of the following…
A: Production Possibility Curve: represents the maximum output combinations of two goods that an…
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A: Ricardian model: The first model of international trade was basically been propounded by David…
Q: QUESTION 16 Free trade restricts a nation's ability to specialize in specific commodities that may…
A: Note:- Since we can only answer one ques at a time, we'll answer the first one. Please repost the…
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- Question 16 ) Listen Refer to the production possibilities curves. Curve (a) is the current curve for the economy. Focusing on curve (a), point N suggests that the economy currently produces: (a) (b) Capital Goods O a) A combination of output that is less than its potential O b) Less goods for the future than at point P O c) Less goods for the present than at point P O d) More goods for the future than at point P Question 17 ) Listen Consider an economy that is producing inside its production possibilities curve. This economy could move closer towards its production possibilities curve by: a) Distributing incomes more equally b) Acquiring additional resources c) Employing more of its available resources d) Increasing the levels of wages and prices Consumer Goodsneed help 10 Pancakes 90 8 7 6- 5 4 3 2 1- 0- 0 1 2 3 4 5 6 Eggs When is the opportunity cost of one pancake the highest? O 0 pancakes O 2 pancakes O 4 pancakes O 6 pancakes O 8 pancakes O 9 pancakes 7 8 9 10I need the answer as soon as possible
- QUESTION 8 product Y 28 24 20 16 12 8 4 0 0 Production Possibilities Frontier point A -point F 4 8 12 product X point B -point C 16 20 -point E -point D 24 08. Which of the following statements about point C is TRUE? O a) to produce more of product Y, some of product X has to be sacrificed. b) the economy cannot reach this point without an increase in resources or improvement in technology. c) the economy is producing efficiently. d) both (a) and (c). e) none of the above.A TO d b C BO Q2. Refer to the production possibility graph above. Assume that the economy is in equilibrium at point e. If the price of good A increases, the new equilibrium is most likely to be O a. point h. O b. point d. O c. pointe. O d. point b. O e. point f.1
- Table 2 Production possibilities for one week for Simran and Preet Simran Preet Good X Good Y Good X Good Y 40 160 30 10 120 20 20 20 80 40 10 30 40 60 0. 40 80 Refer to Table 2. What is true about this economy? Check all options that you think are correct. More than one option may be correct. O A. Both Simran and Preet will gain from trade if Simran sells 20 units of Y and Preet sells 80 units of X. O B. Both Simran and Preet will gain from trade if Simran sells 20 units of X and Preet sells 80 units of Y. OC. Preet has an absolute advantage in production of both goods, therefore, Preet cannot gain from trade with Simran. O D. This economy does not have a trade combination that would benefit both Simran and Preet. O E Both Simran and Preet will gain from trade if Simran sells 30 units of Y and Preet sells 60 units of X. O F. Both Simran and Preet will gain from trade if they trade a half of the quantity of the good each of them makes when they specialize according to their comparative…30)In the production possibilities frontier depicted in the figure above, what is the opportunity cost of increasing the production of bananas from two million pounds to three million pounds? Use a production possibilities frontier to analyze opportunity costs and trade-offs. Hats (millions per year) 5 4 3 2 1 0 1 2 3 4 5 6 Bananas (millions of pounds per year) O 1/2 million hats 1 million hats O 2 million hats O 3 million hats
- Output in the economy can be increased by O adding more workers increasing the number of machines O investing in education all of the aboveRefer to the production possibility frontiers for two friends Frodo and Sam who can both produce Ice creams and Jelly beans. Frodo's maximum production of Ice creams is 500 with no Jelly beans, or 2,000 Jelly beans with no Ice creams. Sam's maximum production of Ice creams is 600 with no Jelly beans, or 1,200 Jelly beans with no Ice creams. ICE CREAMS ICE CREAMS 600 500 1200 JELLY BEANS 2000 JELLY BEANS Frodo' PPF Sam's PPF Answer briefly these TWO questions in the box space provided below. Part A: Assuming efficient production without trade, derive the maximum amount of Jelly beans that can be produced by Sam along with 300 Ice creams. Describe your steps in detail. Part B: Assume that Frodo and Sam agree to specialize in production and trade between themselves. Frodo offers 1,000 Jelly beans to Sam in exchange for 300 lce creams. Would Sam agree to this trade?Suppose that United States is currently producing two goods: tanks and cars using its current resources. As the country is preparing for a war, it intends to produce more tanks and to do so, it starts coverting its car factories into tank factories. Which of the following is true? O The production possibilities curve will show the increasing opportunity costs as more tank is produced. The production possibilities curve for cars and tanks will shift outward. O The production possibilities curve will show decreased opprotunity costs as more tank is produced. O The production possibilities curve will shift inward.