Which of the following is consistent with a point below an economy's production possibilities frontier (PPF)? a)The economy is operating efficiently. b)The production of one good can only be increased if the production of another good is reduced. c)None of the above. d)There are unemployed resources.
Q: An outward shift of a production possibilities curve can be caused by a. planting a more profitable…
A: Answer: PPF shifts outward when the overall production capacity of the economy increases. Production…
Q: The various combination of goods that can be produced in any economy when it uses its available…
A: The various combination of the goods that can be produced in an economy certain when the available…
Q: Which of the following is NOT an example of scarcity? Select the correct answer below: Due to a lack…
A: The term "scarcity" is being used when there is a limit to the amount of resources (natural, labour,…
Q: Identify the scarcity definition of economics from the following. a. the distribution of surplus…
A: Economics focuses on how the economies work, basically, the consumption, production and distribution…
Q: Q11. If the economy represented in the diagram is presently producing 12 units of Good B and zero…
A: Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts for…
Q: Which of the following happens to us because of scarcity? Question 2 options: We…
A: Scarcity refers that the shortage which is the core problem in the economy , which means that unable…
Q: An economy's production possibilities frontier is also its consumption possibilities frontier Select…
A: Production Possibility Frontier It shows different of two goods or services that an economy can…
Q: A production possibilities curve has a downward slope because: economists have a negative view of…
A: A production possibility frontier depicts the combinations of two goods that can be produced with…
Q: Assume that it takes 2 hours of labor to produce a unit of good X and 6 hours of labor to produce a…
A: The next best alternative is commonly referred to as opportunity cost. It's also known as the…
Q: The objective of consumption in Islamic economics is to spend money that may maximize a person’s…
A: Islamic Economic: Islamic economics means running the economic activities according to Islamic…
Q: Match each diagram in Figure 1 with its description here. Assume that the economy is producing or…
A: The production possibility frontier (PPF) refers to the curve which shows all the possible…
Q: Solve the attachment
A: Constrained choice happens when a financial(economic) agents must decide the ideal combination of…
Q: Consider your decision to read this textbook on economics. Identify which of the four core…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: When the net benefits of all economic activities are not maximized, economists say the allocation of…
A: If the net benefits of all economic activities are not maximized means, the resource allocated is…
Q: According to Polonyi,need for economy arises a)because scarcity of resources needs efficient…
A: According to Polonyi, formal economics is related to the scarcity of goods, and that too when the…
Q: If an economy is operating at a point inside the production possibilities curve? a. its resources…
A: The PPC is the production possibility curve that illustrates the different combinations of two…
Q: What is a ‘final good’? Select one: a. A good not used as an input in the production process b. A…
A: A final good is a commodity which is used or used by the end user. The successful (product) needs no…
Q: Q1: Match each diagram in Figure 1 with its description here.Assume that the economy is producing or…
A: Production possibility frontier shows the inefficient, and efficient production of goods and…
Q: Coffee and doughnuts are complements in consumption. Suppose bad weather in the coffee producing…
A: The curve that depicts various quantities of goods and services being supplied at various price…
Q: Human behavior in economics is studied in relationship with __________. a. All of the options b.…
A: Behavioral economics is the study of human emotion, culture, cognitive, social and psychological…
Q: QUESTION 38 38. Which of the following statements referring to economic jargon is TRUE? a "free…
A: Economic jargons refers to the specific terms used by the economists to explain specific economic…
Q: Which of the following statements is false? A) Anytime you have to decide which action to take you…
A: To obtain a certain good or service, we have to sacrifice something, it can be money or time or…
Q: Why would a rational producer not produce in the stage three of the production stages? Use…
A: Production: It involves consolidating different material data sources and unimportant data sources…
Q: Economics is all about trade offs. What is the opportunity cost for a typical student pursuing a…
A: According to Adam Smith, economics is defined as “an inquiry into the nature and causes of the…
Q: Which of the following does not correctly explain about the purposeful behavior that reflects…
A: The study of economics is concerned with allocating scarce resources efficiently. It is concerned…
Q: You win $100 in a basketball pool. You have a choice between spending the money now or putting it…
A: Let us define the concept of opportunity cost. Opportunity cost theory states that the cost of a…
Q: Categorize each of the following statements as being the result of either positive economic…
A: In economic analysis, normative economic statements are the judgemental statements that can or…
Q: A production possibilities curve: a. Eliminates the need to make choices regarding the use of…
A: Production possibility curve shows the trade off between combinations of 2 goods or services.
Q: Given that most people like to get ‘free stuff,’ it follows that goods that are available free of…
A: The following problem has been solved as follows:
Q: Refer to Exhibit 3-8. At Point B in the production possibilities graph shown, the economy: a. is not…
A: A production possibility curve is a curve that shows the possible quantities that can be produced of…
Q: In a market-oriented economy, the amount of a good that is produced is primarily decided by the…
A: There are unlimited wants of people in the world, and resources to fulfill these wants are limited.…
Q: Choose the correct answer. Coffee and doughnuts are complements in consumption. Suppose bad…
A: partial equilibrium Partial equilibrium suggests that the analysis is limited to the impacts of a…
Q: A certain production possibilities frontier shows production possibilities for two goods: pants and…
A: Production Possibility Frontier is a curve which is the locus of different combinations of two goods…
Q: an economy is producing the mix of goods and services that society wants, this is an example of…
A: The allocative efficiency is a reflection of the peoples satisfaction gaining from the fulfilment of…
Q: If it is not possible to increase the output of one good without decreasing the output of the other,…
A: PPC: It represents different combinations of output that can be produced with current resources and…
Q: The production possibilities frontier curve illustrates that a. an economy's capacity to produce…
A: The production possibility frontier (PPF) is a curve in business analysis that depicts the maximum…
Q: While individuals face trade-offs in consumption, as shown by the budget constraint. there is no…
A: Trade off occurs when resources are scarce. Scarcity refers to shortage of goods in terms of demand…
Q: production possibilities frontier can shift outward if Select one: a. government increases the…
A: PPF shows the different considerations of two goods that can be produced using the all inputs and…
Q: State whether the following statements are true or false a. In a pure ‘planned economy’ the market…
A: a. One individual or organization that regulates what is generated has a strictly organized economy;…
Q: A point outside the production possibilities curve is attainable, but there is not full employment…
A: PPC (Production Possibility Curve) refers to the different combinations of two commodities that can…
Q: Auto Bull Eye offers a 10-minute oil change and 30-minute brake check. There are two technicians who…
A: The production possibility curve shows all the possible combinations of output that can be produced…
Q: The economic perspective refers to: macroeconomic phenomena, but not microeconomic…
A: Economics is a social science covering the processing, delivery, and consumption of goods and…
Q: Match each diagram in Figure 1 with its description here. Assume that the economy is producing or…
A: The production possibility curve is the graphical illustration of all the locus points of…
Q: Tim Geithner, a former U. S. Treasury Secretary, has said, "The recession that began in late 2007…
A: The following are the main economic interaction principles:-1) One consumer's expenditures are…
1)Which of the following is consistent with a point below an economy's production possibilities frontier (
a)The economy is operating efficiently.
b)The production of one good can only be increased if the production of another good is reduced.
c)None of the above.
d)There are
Step by step
Solved in 2 steps
- Question 06: Refer to the production possibilities frontier to the right for an economy that produces just two goods: trucks and boats. Label each point as: efficient (resources completely utilized), inefficient (some resources under-employed, or not-possible (not enough resources to produce the quantities of trucks and boats at present) Question 7 options: A) A, B, and C are all inefficient; D is efficient; E is not-possible B) A, B, and C are all efficient; D is inefficient; E is not-possible C) A, B, and C are all efficient; D is not-possible; E is inefficient D) A, B, and C are all not-possible; D is efficient; E is efficientsider all two goods Step 1: Draw a production possibilities frontier (PPF) for this economy. Label blueberries on the vertical axis and batteries on the horizontal axis. Label one point that is "efficient", one point that is "inefficient", and one point that is "unattainable".For the economy shown in the below exhibit, which of the following must be true when the economy is at point A? Select one: a. Not enough grain is being produced. b. If the economy reallocates resources from A to D, it will have to sacrifice some car production. c. Increased grain production would be impossible. d. Consumers prefer D to A.
- Drawing a production possibilities frontier (PPF) Instructions: Consider an economy than only produces two goods - Blueberries and Batteries. Step 1: Draw a production possibilities frontier (PPF) for this economy. Label blueberries on the vertical axis and batteries on the horizontal axis. Label one point that is "efficient", one point that is "inefficient", and one point that is "unattainable". Step 2. Draw another PPF of the economy with the axes labeled. Grab another color pen/pencil/highlighter and show how the PPF would change if there was a technological change that increased the production of batteries only. (Hint: The intercept for blueberries will not change.) Clearly label the new PPF. Step 3. Draw another PPF of the economy with the axes labeled. Grab another color pen/pencil/highlighter and show how the PPF would change if there was a drought that destroyed some of the blueberry harvest. (Hint: The intercept for batteries will not change.) Clearly label the new…According to Polonyi,need for economy arises a)because scarcity of resources needs efficient allocation b)because humans cannot survive without interaction with nature c)because it provides physical environment to sustain human life d)because humans cannot survive without productionBelow is a production possibilities schedule for a hypothetical economy that produces only two goods -widgets and gizmos. a) Graph this production possibilities schedule, putting widgets on the y axis and gizmos on the on the x axis. b) Can the economy produce 28 widgets and 2 gizmos? Why or why not? Plot the point. c) If 22 widgets and 1 gizmo are produced, how would you describe production in this economy? Plot the point.
- One of the three basic questions an economy has to face is (blank) goods and services will be produced. a) where b) when c) which d) whyIn the above graph, if the economy is currently producing at point C and then shifts production to point A, then A. the economy moved from one efficient point to another efficient point. B. the opportunity cost of that shift is 40,000 units of corn. C. the economy moved from an inefficient point to an efficient point. D. both (B) and (C). E. none of the above.Consider a point underneath the Production Possibilities Frontier (PPF). How would you describe it? Group of answer choices A) none of the other options. B) the best possible combination of output. C) an unattainable combination of output. D) a productively efficient combination of output. E) a productively inefficient combination of output.
- The productive capability of an economy is such that to produce 5 units of military good it takes 2 workers to be employed while 10 units of consumer goods require 3 workers. Resources are limited in such a way that only 75 units of military good can be produced when all resources are employed. a) Construct the production possibility schedule and curve for this economy. b) Graphically represent what would happen if 12 additional workers were added to the economy. c) Graphically represent what would happen if the productivity of the workers were reduced to 2 units of military good and 5 units of consumer goods. d) Graphically represent what would happen if productivity for military goods remained the same but it now required 2 workers to produce 10 units of consumer goodsQuestion 3 The U.S. economy's Production Possibilities Frontier is made up of two goods: oranges and automobiles. The U.S. economy moves from point A, where it produces 100 oranges and 200 cars, to point B, where it produces 200 oranges and 150 cars. It follows that Point A is an inefficient point. Point B may be an inefficient point There is not enough information to answer the question Point B is an inefficient point Question 5 Which of the following statements are false? 1. If scarcity did not exist, then neither would the Production Possibilities Frontier. II. All Production Possibilities Frontiers are bowed out from the origin. III. All Production Possibilities Frontiers are made up of two goods or services. IV. Opportunity cost can not be illustrated with the Production Possibility Frontier. OL True statement. III. IV II and IV Question 16 Which of the following will have no impact on the demand for Yogurtland frozen yogurt in San Diego? A change in the price of frozen yogurt…If an economy is producing inside the production possibilities curve, then A) There is full employment of resources. B) It is operating efficiently. C) It has idle resources. D) There are not enough resources available to produce more output.