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- QUESTION 9 Any point inside the production possibilities curve indicates. O A. the presence of technological change O B. that resources are imperfectly substitutable among alternative C. the presence of inflationary O D. that more output could be produced with the available uses. pressures resourcesQUESTION 5 Consider the Production Possibility Frontier below Bacon 50 40 30 20 10 A 0 10 20 B E 30 40 Eggs F D 50 60 70 Point F represents O a. a combination of production that can be reached if we reduce the product of eggs by 20 units O b. a combination of production that is inefficient because there are unemployed resources. O c. a combination of production that can be reached if there is a sufficient advance in technology. Od. none of the aboveThe production possibility curve shows all the following except O a. Economic growth O b. The law of demand O c. The supply curve of 2 goods O d. The law of increasing opportunity cost O e. Inefficiency in production
- QUESTION 26 Which of the following is not correct? A typical production possibilities curve O A. indicates how much OB.reveals how much each of two products a society can produce additional unit of one product will cost in terms of the other OC specifies how much of each O D. indicates that to produce more of one product society must forgo larger and larger amounts product society should produce productThe problem of choosing the appropriate production techniques refers to which type of economic problem? O a. What to produce? O b. How to adchieve economic growth? Oc For whom to produce? Od. How to produce? There is a graph showing all the combinations of goods and services that can be produced using the available resources in the society. The graph is called as, O a. None of these O b. Production possibility curve Oc Demand curve O d. Supply curve An individual is called a 'seller if he has the O a willingness to sell tof O b. ability to pay seshon Oc desire to buy Od. ability to buyof Microeconomics Spring20 fall20 Moving along the total product curve, which of the following is held constant? Select one: O a. quantity of labor O b. technology O c. total cost O d. None of the above answers is correct. O e. total product
- The expenses incurred on the variable factors are called O a. Fixed cost O b. Variable cost O . Scarcity O d. None of these Which of the following statement is related to Paul J Samuelson's definition on economics? O a. An economy is strong when there is more wealth available O b. The economy should choose different ways to grow in the future O c. Scarcity is the cause of problem of choice O d. The economy is trying to generate welfare for all the peopleIn what sense is profit a cost of production? Select one: O a. Profit levels in each industry are regulated by the government. b. Profit is a subcategory of cost of goods sold and is listed on most accounting statements. O c. Profit arises from the exploitation of labor and is one cost of having a capitalist economic system. O d. Unless firms can pay themselves (their owners) enough profit to stay in a particular business, the owners will take their resources and go into another business. Check s page Finish attempt ... Unit 4 Solutions Jump to... HW Unit 4 DUE March 3 ► MacBook Pro G Search or type URL $ 4 く CSuppose that an economy's capital increases so that the labor-capital ratio decreases. According to Rybczynski theorem, what would happen if the realtive price of goods remain same? O A) Producytion of capital intensive good will increase. B) Production of labor intensive good will decrease. C) Production of capital intensive good will remain same. O D) Production of labor intensive good will increase.
- The economic resource that organizes the use of other economic resources is called Select one: O a. labor. O b.capital. Oc. land. O d. entrepreneurship. Clear my choiceProduction possibility curve shows maximum efficiency means O a. Resources are wasted O b. None of the options O. Resources are not wasted O d. Resources are not completely used1.Explain how a firm uses resources price and value data to determine the appropriate combination of capital and labor resources to use in order to maximize profits. 2.how does this change when the firm want to produce a specific quantity of product with the least cost combination of resources? 3. if a software firm estimates that the MP of labor is 3 apps per month and the price is labor is $1100 per month, while the MP of capital is 5apps per month and its price is $2000, should the firm hire more labor and decrease its capital use or increase its use of capital and use fewer labor resources?