The production possibilities curve can best be described as representing theeconomics principle ofa) Scarcityb) Rational vs irrational behaviorc) Supply and demandd) Law of unintended consequences

Answered: The production possibilities curve can…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Sometimes economies or firms produce inefficiently, which is represented by a point in the production possibilities curve (PPC). This point is considered _____. resourceful efficient underutilization unattainable
One popular definition of economics is the study ofa) how scarcity increases opportunities to meet ends.b) how markets overcome scarcity.c) how to use limited means to meet unlimited wants.d) wants versus needs.
Answer the given question with a proper explanation and step-by-step solution. Which of the following choices correctly illustrates how changes in opportunity costs affect supply? A) A farmer produces corn and wheat. The price of wheat rises, so he shifts his resources toward wheat and the supply of wheat rises. B) A fisherman fishes for lobsters and oysters. The price of lobsters rises, so he decides to spend more of his time fishing for oysters because he can make the same amount of money with fewer lobsters. C) A textbook for economics becomes cheaper, so more students opt to buy that particular textbook. D) Milk and cereal are complementary goods, so when the price of cereal falls, the quantity supplied of milk rises.
Which of the following would most likely shift the production possibilities curve inward? Otechnological progress an increase in the production of capital goods an increase in the number of hours factories are in use a decrease in the average number of hours worked per week
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The production possibilities curve illustrates the basic principle that: Question 70 options: an economy automatically seeks that level of output that employs all of its resources any production point below the curve reflects high opportunity cost the production of more of any one item will in time require smaller and smaller sacrifices of other items if all the resources of an economy are fully used, more of one item could be produced only if less of another item is produced any production point above the curve reflects low opportunity cost
Usually, people who have never had to worry about resource (what they are and where they come from) have more difficulty identifying "less obvious" needs like food and warm housing because they are assume to be inherent to life. true false
Which situation would most likely cause a nation's production possibilities curve to shift inward? The construction of more capital goods An increase in discrimination based on race An increase in the number of skilled immigrant workers The destruction from bombing and warfare in a losing military conflict

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The production possibilities curve can best be described as representing the economics principle of a) Scarcity b) Rational vs irrational behavior c) Supply and demand d) Law of unintended consequences