Which of the following cannot be determined by using a production possibilities curve?Select the correct answer below:what combination of outputs maximizes benefits for societyO how much less of one output must be produced if more of another output is producedwhether a combination of outputs can be producedO how much output can be produced from a given level of inputs

The PPF is also referred to as the production possibility curve (PPC). It is a key economic concept…

Which of the following cannot be determined by using a production possibilities curve? Select the correct answer below: O what combination of outputs maximizes benefits for society how much less of one output must be produced if more of another output is produced O whether a combination of outputs can be produced O how much output can be produced from a given level of inputs

Which of the following cannot be determined by using a production possibilities curve? Select the correct answer below: O what combination of outputs maximizes benefits for society how much less of one output must be produced if more of another output is produced O whether a combination of outputs can be produced O how much output can be produced from a given level of inputs

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 9P

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Similar questions

Which of the following is true of the production possibilities curve? O It shows the minimum attainable output in a given period of time with a given amount of resources. O The quantity and quality of resources remain unchanged during a given period of time along the curve. O It shows that scarcity can be eliminated with full employment of resources. O It slopes downward because of the decreasing opportunity cost of production.
The shape of the production possibilities curve usually has a concave-shape. What does say about the factors of production when the production possibilities curse is a straight line? O diminishing return between the production of featured goods no diminishing return between the production of featured goods O increasing return between the production of featured goods O the factors of production are incapatable
The table shows the marginal benefit of pizza and the marginal cost of pizza in terms of soda forgone. How many pizzas are produced when the quantity of soda that people are willing to give up to get an additional pizza is greater than the quantity of soda that they must give up to get that additional pizza? ... If pizzas are produced, the quantity of soda that people are willing to give up to get an additional pizza is greater than the quantity of soda that they must give up to get that additional pizza. OA. 100 OB. less than 100 OC. more than 100 OD. any quantity other than 100 Quantity (pizzas per day) 50 100 150 200 250 Marginal benefit Marginal cost (cans of soda per pizza) 32 7 3 2 1 67249 32 44 52
Q14
Could a person or country ever produce a combination of goodsthat lies outside the production possibilities frontier? Why or why not?
Which of the following scenarios might explain what an economy would be operating inside its production possibilities curve? Select one: O a. Because damage to natural resources, such as might be caused by deforestation leading to erosion of topsoil, has shrunk the land resource O b. Because of discrimination against employing workers of a certain race or gender O . Because shrinking population has reduced the number of productive workers in the economy O d. Because technological innovations have increased the productivity of labour and capital
The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 A 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Select one: Refer to the graph above to answer this question. If new technology increased the output of quirks by 50%, how many quirks could be produced if 700 quarks were produced? B A. 9 quirks. B. 18 quirks. C. 10 quirks. D. 20 quirks. E. No quirks.
Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce.ElucidateExplain why scarcity exists in this economy. Use the data as evidence of your reasoning.What is the maximum quantity of guns that can be produced?What is the maximum quantity of butter than can be produced?Draw the nation’s production possibility curve.Explain why the nation can’t produce both 3 guns and 4 butters.Explain why the nation shouldn’t produce both 1 gun and 2 butters.
If it is not possible to increase the output of one good without decreasing the output of the other, when there are only two goods, thenthis situation would describe a point on a production possibilities frontier for the producer.the outcome can be described as efficient.there is no unemployment of resources.All of these outcomes are correct.
Why is the economic concept of scarcity a crucial onefor businesspeople to understand?
vidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.
give 1 of the following statements that is NOT true regarding the production function and the production possibilities curve?a. Both the production fuunction and the production possibilities curve maximise the amount of output attainable.b. The production function describes the capacity of a single firm, whereas the production possibilities summarises theoutput capacity of the entire economy.c. A production function tells us the maximum amount of output attainable from the use of all resources.d. The production possibilities curve expresses the ability to produce various combinations of goods given the use of allresources