To what can concave shape of Production Possibilities Frontier be due? Select one: a. Law of diminishing returns. b. Existence of an opportunity cost. c. Scarcity. d. Efficiency in production. e. Inflation of a market.

Q: Answer the following question..    "The Consumer Price Index increased by 4.2 percent in the first…

A: The statement shows that the consumer price index is increased by 4.2 percent. Consumer Price index…

Q: Which of the following concepts can be used to explain why production possibility frontiers is…

A: The graph known as the Production Possibilities Frontier (PPF) illustrates all the possible output…

Q: 1. Use the model of the production possibility frontier below to answer the following questions.…

A: Economic growth can be caused by various factors. However, two of the most common sources are:1.…

Q: Because of scarcity,a.it is impossible to satisfy every desire and choices must be made.bthe…

A: According to Lionel Robbins, "Economics is the science which studies human behaviour as a…

Q: Is opportunity cost a lost income? A. Yes  B. Not

A: Economics is the study related to production, consumption, and transfer of money

Q: 1. Refer to the production possibilities schedule below assuming full employment. Combination F E D…

A:

Q: (1) The opportunity cost of an activity is the lowest valued alternative forgone as the result of…

A: Opportunity cost refers to the monetary costs of lost options.

Q: Classity ach of the following statements as pestive or nomative Statement Positive Normative Firms…

A: Positive economics describes and explains diverse monetary phenomena or the "what is" scenario.…

Q: The production possibilities model is illustrated with a negatively sloped line because a. of…

A: PPC: Graphical representation of the combination of two goods that can be produced in the economy in…

Q: If resource prices are fixed and the selling price rises, then   a. profits will increase.   b.…

A: Profits are calculated as: Profit=TR-TCTR=P×Q Where, TR(total revenue) is the amount which the…

Q: Please refer to the below diagram to answer the following question. Trucks 2000 1800 1600 1400 1200…

A: PPC refers to the graph that shows all of the different combinations of output that can be…

Q: A movement along a macro production possibilities frontier is caused by a change in Select one: a.…

A: Production possibilities frontier shows the combinations of two inputs that can be used to produce…

Q: The study of economics is primarily concerned with A-determining how scarce labor can be replaced by…

A: Scarcity occurs where the demand is greater than the availability of resources. Scarcity is main…

Q: 1. Production Possibility Curve for the economy is concave to the origin. Provide an explanation for…

A: The slope of the production–possibility frontier (PPF) at any given point is termed the marginal…

Q: Scarcity occurs because of A. the excess of quantity supplied over quantity demanded. B. the limited…

A: Human wants are unlimited, and resources to satisfy these wants are limited. This condition where…

Q: Which was a theory introduced by Adam Smith? Select one: a. Theory of Population. b. Theory of…

A: Hi, thanks for the question. As per the guidelines we are allowed to attempt the first question. If…

Q: An outward shift of a nation's production possibilities frontier can occur due to A B a reduction in…

A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…

Q: The ability of an economy to produce greaterlevels of output per time period is calleda. positive…

A: Positive Economics is the one which is based on facts and values.  Normative Economics is the one…

Q: Suppose, Oman is a country where the availability of capital is more in comparison to the…

A: In comparison to labor-intensive procedures, capital-intensive techniques result in far faster and…

Q: Question attached

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Mr. Khalil has 200 OMR; he wants to purchase a TV and washing machine that costs 200 OMR each. He…

A: When an individual, an investor, or a corporation chooses one option over another, opportunity costs…

Q: b. Classify each of the following statements as positive or normative. Explain. i. Bahamas faces a…

A: "A positive statement in economics is descriptive in nature means a statement which explains or…

Q: 2. Assuming the inner curve is our current production possibilities frontier, points J, N and K…

A: The production possibility curve shows the different combinations of two goods that can be produced…

Q: You bought a laptop at $3000 last year, its resale value now is $2000. It will cost $3500 to buy a…

A: The opportunity cost refers to the benefit of next best alternate.

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A: a. To understand how decisions are made and how these decisions affect use of resources. We must…

Q: The main characteristics of market economies that produce spontaneou A. institutions. B. mandates.…

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Q: The opportunity cost of 1 bottle of wine for Jane is a. 1/3 cloth. b. 3 cloth. c. 2 cloth. d. 1/2…

A: Here's a general explanation of how to calculate it:Identify the labor hours needed for each…

Q: Microeconomics is concerned with issues such as O interest rates. O which job to take. O inflation.…

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A: Scarcity and its implications for resource usage, product and service creation, productivity and…

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A: The statements made by economists are categorized as either positive or normative statements.…

Q: michael has spent 100 000 of his personal savings to start up the business. he could have earned a…

A: Opportunity cost is the forgone benefit.  Opportunity cost is used for various decision making.…

Q: A production possibilities curve that is a straight line represents the case of Group of answer…

A: The Production Possibilities Curve (PPC) is a graphical representation of the trade-offs and…

Q: Examine the central problems of an economy given below and select the one that cannot be represented…

A: A production possibility curve (PPC) is a graph that represents different combinations of output…

Q: Which of the following statements is a normative macroeconomic statement? A. A decrease in cigarette…

A: This can be defined as a situation In which the person is actively finding a job and has have…

Q: Which of the following is a normative statement: a. Women’s labor force participation (LFP)…

A: Positive statements are those statements that are based on facts and can be checked whether it is…

Q: Opportunity costs arise due toa. resource scarcity.b. lack of alternatives.c. limited wants.d.…

A: Investors frequently ignore the opportunity cost. It refers to the hidden cost of not adopting a…

Q: Assistant Professors earn more than Instructors. This statement is a: A. Positive statement B.…

A: In economics, a positive statement is the direct statement that can be proven right or wrong using…

Q: An economic model are a. uses equations to understand normative economic phenomena. b. often omits…

A: Economic models serve as invaluable tools in comprehending and analyzing complex economic phenomena.…

Q: Any point within a production possibility frontier indicate _________________ combinations in the…

A: Production is the process of converting basic materials such as labour and unprocessed commodities…

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.