Q: 2. Explain how do economists make rationale choices to allocate the scarce resources?
A: Scarcity refers to the situation where the unavailability of resource to meet the unlimited human…
Q: Goods and services are scarce because resources are scarce. Select one: O a. True O b. False
A: Scarcity is the primary concept or reason to study economics as it is the cause of making trade-off…
Q: Which of the following scenarios might explain what an economy would be operating inside its…
A: When the economy is operating under the production possibility curve then this implies that all the…
Q: Think of the production possibilities frontier (PPF) model. When society is producing the largest…
A: Production possibility frontier (PPF) depicts the combination of two goods which society can produce…
Q: Use the graph below to answer the following question(s). Investment Goods 10- 298765 MNT B .D 0 1 2…
A: This is the PPC - production possibility curve which shows the two good's possible combination that…
Q: If production of two goods is currently at levels such that we are inside the production…
A: The production possibility curve (PPC), also known as the production possibilities frontier (PPF),…
Q: which one of the following is true about the production possibilities frontier (ppf) o a. the…
A: A production possibility frontier illustrates the combinations of two goods that can be produced in…
Q: The figure above shows a nation's production possibilities frontier. In the figure, point A shows O…
A: Production possibility frontier represents the combinations of two goods the economy produces with…
Q: Utopla produces only two products: cheese and wine. The production levels are shown in the table…
A: As per the guidelines we are allowed to answer the first three subparts only. Please post the…
Q: Production is efficient if the economy is producing at a point 1S
A: Production indicates the total output produced in the economy. The production of goods is very…
Q: Quantity of Guns Consider the figures above. In Economy B, the opportunity cost of making O A.…
A: An economic model that graphs a producer's production choices is called a production possibilities…
Q: Derive and extensively discuss the equi-marginal principle. a. Two commodity case b. Three commodity…
A: Now suppose that there are two commodities that are x and y, the price of x is Px, and the price of…
Q: The table below represents the combinations of beef and corn produced on a tract of land of a given…
A: PPC of the schedule given:
Q: Refer to Figure 3-5. What is the opportunity cost of one pair of tap shoes for Fred? Select one: O…
A: Opportunity cost is defined as the cost of next best alternative foregone Now in this case the…
Q: QUESTION 7 Ben says that "an increase in the tax on beer will raise its price" Holly arques that…
A: Tax is the fixed amount of money that the buyer pays to the government for using the product or…
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: Consider the Production Possibility Frontier below Bacon 50 40 30 20 10 0 A 10 B E 20 30 C D 40 50…
A: The given diagram shows the production possibility frontier between eggs and bacon. A production…
Q: Suppose that Christina has one sandwich and 16 salads. Her friend Latoya offers to trade her two…
A:
Q: production of apple pies and pecan pies pecan pies on a gven day. Hoosier Mam faces cpportunity…
A: From the given table we can see that initially, at production point A, Hoosier Mama uses all its…
Q: In the production possibilities frontier depicted in the figure, which of the following combinations…
A: Production possibility frontier or PPF shows the different combinations of two goods that can be…
Q: Which of the following cannot be determined by using a production possibilities curve? Select the…
A: The PPF is also referred to as the production possibility curve (PPC). It is a key economic concept…
Q: MNLogs harvested logs (with no inputs from other companies) from their property in northern…
A: a. Above is the calcuated table.
Q: Any point inside the production possibilities curve indicates. O A. the presence of technological…
A: PPC: It is used to measure production efficiency based on the available resources.
Q: Assume that a worker can either drive a delivery truck or paint houses in a given day. It takes 5…
A: Opportunity cost refers to the benefits of next best alternate which is sacrificed. The resources…
Q: Complete the following table by indicating whether each point represents output combinations that…
A: A production possibility frontier is the locus of all combinations of two goods/services an economy…
Q: The shape of the PPF curve illustrates... O A. Decreasing opportunity cost O B. Increasing…
A: The production possibility curve illustrates the combinations of two goods that can be produced with…
Q: When a command economy is utilized to resolve economic questions regarding the allocation of…
A: Economics is the study of how the scarce resources of society are exploited into useful things. It…
Q: Suppose there is an exogenous change to the market for apples that caused supply of apples to…
A: A market refers to a place at which the buyers and seller of goods and services comes in contact…
Q: What does the shape of the Production Possibilities Frontier say about the production of these two…
A: The production possibility frontier (PPF) illustrates the combination of two goods that a nation can…
Q: 1. Which of the following remains constant as output increases? * a. TFC
A: Total variable cost TVC is the cost which varies with the output produced if more units of output is…
Q: Question 18 Six Methods of Production for Chocolate Chip Yummy Yum Yum Cookie Company Method A C F…
A: Production efficiency is an economic term that refers to the point at which an economy or…
Q: The following table lists the costs incurred by a student attending a public university for one…
A: The opportunity cost is the value of the next best alternative. The next best alternative is given…
Q: Which of the following is not correct? A typical production possibilities curve OA. indicates how…
A: Production Possibilities Curve: A production possibilities curve shows how resources can be…
Q: Labour hours needed to make 1 kilogram: Meat 4 14 Kilograms produced in 40 hours: Potatoes Meat…
A: Given For the farmer, 10 Kg meat is produced in 40 labor hours and 40 Kg potatoes is produced in 40…
Q: Marginal cost is the one more unit of a good and opportunity cost of producing increases as…
A: Marginal cost refers to additional cost that is incurred by pricing one more unit of a good.
Q: T4
A: We know that The production possibility curve is the graphical representation of the different…
Q: Antarctica produces only party ice and frozen fish. The table shows the marginal benefit and…
A: The equilibrium is reached where Marginal benefit is equal to the Marginal cost of production.
Q: More athletes in the Caribbean start eating yam as they believe it will make them faster and there…
A: At equilibrium price, quantity demanded is equal to quantity supplied. The equilibrium price and…
Q: Consider the figures above. In Economy B, the opportunity cost of making
A: An economic model that graphs a producer's production choices is called a production possibilities…
Q: Which of the following is CORRECT? Select one: O a. If a firm is technologically efficient, it is…
A: Option ‘A’ is correct answer If a firm is technologically efficient, it is always economically…
Q: Which of the following is the best definition of economics? Select one: O a. The study of how…
A: Since you have asked multiple questions, we are answering the first one for you. If you want the…
Q: Y YA Ys XA Xs The graph above represents the PPF for two goods X and Y Which of the points is most…
A: The answer is - A, B
Q: Your neighborhood pizza restaurant has a deal: Pay $3 at the door, and eat as much pizza as you want…
A: Answer: Correct option: $0 Explanation: Marginal cost: it refers to the cost of the additional unit…
Q: Exhibit 2-2 Production possibilities curve Corn (millions of bushels) 10 8 6 4 2 0 1 1 T 1 1 1 1--1…
A: Opportunity cost is the cost of giving up the next best option in order to pursue a certain course…
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- Table 2-1 Production Possibilities Tennis Rackets Tennis Balls 100 200 300 8,000 6,500 ? Refer to Table 2-1. If the production possibilities frontier is bowed outward, then which of the following could be the maximum number of tennis balls produced when 300 tennis rackets are produced? O a. 6,000. b. 5,500. O c. 5,000. O d. 4,500.NoneThe table below represents the combinations of beet and corn produced on å tract of lahd o given size and fertility Corn (bushels) Beef (kg) 10000 8000 900 6000 1200 4000 1400 2000 1475 1500 Which of the following combination represents unattainable production levels with the current tract of land? Select one: O a. 8000 bushels of corn and 500 kg of beef O b. 6000 bushels of corn and 1300 kg of beef O c. Both 8000 bushels of corn and 1200 kg of beef and 6000 bushels of corn and 1300 kg of beef d. 200 bushels of corn and 1475 kg of beef e. 8000 bushels of corn and 1200 kg of beef
- The 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 productionITMG 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 curveQUESTION 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 product
- ION 17 Marginal Cost Marginal Benefit Quantity of Shoes Refer to the diagram for athletic shoes. If the current output of shoes is Q1, then O D. society would consider additional units of shoes to be more valuable O A. resources are being O B. society would experience a net loss by producing more O C. society would consider additional units of shoes to be less valuable than allocated efficiently to the alternative uses of those resources than altemative uses of those production of shoes resources shoes Sa Click Save and Submit to save and submit. Click Save All Answers to save all answers. DELL Marginal Benefit and Marginal Cost (Dollers)The branch of economics that studies the decisions of individuals and firms is called O macroeconomics. O normative economics. O positive economics. microeconomics and macroeconomics. O microeconomics.Remote Control Cars 180 120 60 Remote Control Planes 50 80 100 Figure B-4 shows the production possibilities frontier for a processing plant that can produce both remote-control cars and remote-control airplanes. The opportunity cost of moving from point B to C (in terms of a 1-unit increase) is O a. 20 remote control planes O b.3 remote control cars Oc1 remote control plane O d.33 remote control cars
- Wendy is splitting her time during a week between writing essays and outlining book chapters. One of the efficient ways for Wendy to allocate her time is to write 5 essays and outline 2 chapters during a week. It must be true that: 3 essays and 5 chapter outlines would be unattainable. 4 essays and 3 chapter outlines would be both attainable and efficient. 4 essays and 0 chapter outlines would be unattainable. O 2 essays and 3 chapter outlines would be efficient.14..LCD televisions 120- 90- 60- 30- d 20 B 40 60 Plasma televisions C 80 100 OA. 30 LCD televisions that must be forgone to produce 20 additional plasma televisions. OB. 120 LCD televisions that must be forgone to produce 40 additional plasma televisions. OC. 30 LCD televisions that must be forgone to produce 60 additional plasma televisions. D. 90 LCD televisions that must be forgone to produce 20 additional plasma televisions.
