Which of the following is not illustrated by a production possibility frontier (PPF)? Select one: Oa. the equilibrium price Ob. scarcity c. productive efficiency d. necessity for choice
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- Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.Which one of the following concepts is illustrated by a production possibilities frontier? Select one: A. monetary exchange B. consumption C. profit D. investment O E. the tradeoff between producing one good versus anotherExplain why societies cannot make a choice above their production possibilities frontier with own resources and should not make a choice below it.
- Which concept is NOT illustrated by the production possibilities frontier? A. tradeoffs B. efficiency C. opportunity cost D. equityple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…The figure shows the production possibilities frontier for Mario's, a pizza and pasta producer. Draw a point at which the firm achieves production efficiency. Label it Efficient. Draw a point that is attainable but inefficient. Label it Inefficient. ... What does it mean to say that production is inefficient? When production is inefficient, OA. all resources are assigned to tasks for which theyare the best match OB. there is a tradeoff betweenpizza and pasta OC. the firm can produce more pastaonly by producing lesspizza D. the firm can produce more pastawithout producinglesspizza 100- 90- 80- 70- 60- 50- 40- 30- Pasta dishes (per hour) 20- 10- 0- 2 0 PPF 10 12 5 4 6 8 Pizzas (per hour) >>> Draw only the objects specified in the question.
- A point inside a production possibilities frontier OA. is unattainable. B. indicates that some resources are unemployed. OC. implies that too much capital and not enough labor is being used. O D. is more efficient than points on the production possibilities frontier.which one of the following is true about the production possibilities frontier (ppf) o a. the information is perfect o b. large number of buyers and sellers o c. free entry and exit o d. government interference in economic activitiesWhat is Production Possibility Frontier? Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy’s cow population?
- Describe the linkage between “Scarcity” and each of the following;i. Choiceii. Opportunity Costiii. CompetitionFigure - Production-Possibilities Curve Office Buildings .C D Housing It is not possible for society to produce this combination of office buildings and housing with current resources and technology. Which of the following points in the figure could represent this combination? Multiple Choice A B B .AQ16. In a competitive market, all of the choices along the production possibility frontier display_ with_ Lefficiency, while the specific choice on the frontier that society picks is the one _efficiency A. productive; allocative B. allocative; productive C. allocative; allocative D. productive; productive