The term that refers to the situation where we dont have all of our needs and wants because resources are limited is refered to as O A. Decisions O B. None of the above O C. Choice O D. Scarcity
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Q: choices
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- 5. Opportunity cost and production possibilities Raphael is a skilled toy maker who is able to produce both trucks and kites. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Choice Hours Producing Produced (Trucks) (Kites) (Trucks) (Kites) A 8 0 4 0 B 6 2 3 10 C 4 4 2 16 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Raphael's initial production possibilities frontier (PPF). ( attached image) Suppose Raphael is currently using combination D, producing one truck per day. His opportunity cost of producing a second truck per day is( 1, 3, 16, 19 kites) per day. Now, suppose Raphael is currently using combination C, producing two trucks per day. His opportunity cost of producing a third truck per day is ( 1,6,10, or 16 kites) per day. From the previous analysis, you can determine that as…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 -The production possibilities curve below shows the hypothetical relationship between the production of guns (national defense) and butter (social goods) in an economy. Combination A B C D E Guns O 20 60 80 100 Butter 8 6 4 2 0 Your response should be a number ONLY. 1. What is the marginal opportunity cost of moving from 2 to 4 units of butter? Guns. 2. What is the total opportunity cost of producing the four (4) unit of butter? Guns
- The opportunity cost of an action is always equal to O the things you could have done instead of the action you chose to undertake. the next-best alternative for the resources used to undertake the action. O the time you give up to undertake the action. O the money you give up to undertake the action. 4In using tanks and trucks in a production possibilities curve with increasing opportunity ot producing more and more tanks.. a) lowers the cost of each individual tank. b) can be done at constant opportunity cost. c) requires giving up larger and larger quantities of trucks pertank produced d) is not possible due to scarcity In Figure 1.1, which of the following points would the opportunity cost of producing one more St hp to searchITMG 1B Econ 2100 mic 三I E Homework: Basic... Question 26, 1.1 Questio... Because resources are scarce, individuals are required to T TE O A. make choices among alternatives. O B. sacrifice production but not consumption. O C. use resources inefficiently. O D. improve distribution but not production. O E. consume at inefficient points below the production possibilities curve
- A nation can produce two products: tanks and autos. The following table is the nation's production possibilities schedule. Production Possibilities A B 0 1 1,000 950 Product Tanks Autos Multiple Choice The total opportunity cost of two unit(s) of tanks is O O O O 850 units of autos. 150 units of autos. 200 units of autos. C 2 850 100 units of autos. D 3 650 E 4 350The production possibilities are listed below: Coconuts Pineapples 8. 2. 4 2 8. Which of the following best describes the PPF for the information above? Select one: O a. The opportunity cost of producing an additional pineapple decreases as the amount of coconuts produced decreases O b. The opportunity cost of producing an additional pineapple is the same at every point O c. The opportunity cost of producing an additional pineapple is zero at every point O d. The opportunity cost of producing an additional pineapple increases as the amount of coconuts produced increases 6. 4.Resources are scarce in supply in relation to demand, because of this, individuals has to: O a. Choose in any order of preference the unlimited wants. O b. Choose among the most urgent and less urgent wants. O. Choose among the best urgent wants to satisty the individual wants. o d. Choose the most urgent preference to satisfy the individual wants.
- In economics, normative statements are about Select one: O a. the way things are. O b. the way things ought to be. Oc. marginal benefits, not marginal costs. O d. marginal costs, not marginal benefits. The production possibilities frontier bows outward because Select one: O a. opportunity costs are decreasing as the production of a good increases. O b. resources are of uniform quality. Oc. opportunity costs are increasing as the production of a good increases. O d. opportunity costs are fixed as the production of a good increases.An owner of a landscaping business received extra income in the previous month. She is considering eitner buying a new lawnmower or spending the money on an advertisment in order to increase business in the next few months If the business owner chooses to spend the money on an advertising campaign, what is the opportunity cost? O A. more advertising O B. next month's income O C. the lawnmower O D. increased businessWhat happens if a country produces a combination of goods that efficiently uses all of the resources available in the economy? 100- O A. The country has eliminated scarcity. O B. The country is maximizing its opportunity cost. A 80- c. The country is operating on its production possibilities frontier. B G O D. All of the above occur if a country uses all available resources. 60- Refer to the graph to the right. What is the opportunity cost of moving from point B to point C? 40- O A. 40 sedans 30 F **... O B. 40 SUVS D 20- O C. 20 sedans O D. 20 SUVS 10 50 E 20 40 60 80 100 Quantity of SUVS produced per day Quantity of sedans produced per day