Which of the following would shift an economy's production possibilities curve to the left?Select one:O a. the country discovers a new energy sourceO b. dramatic increases in economic growthO c. a major increase in the number of people in the labour forceO d. an increase in the retirement ageO e. the country experiences a major natural disaster affecting its capital goods According to a recent study of Chilean bus drivers, drivers who are paid by the number ofpassengers they transport have higher productivity than drivers who are paid by the hour.Thisresult is an example of which principle of economics?Select one:O a. People respond to incentives.O b. Rational people think at the margin.Oc. The cost of something is what you give up to get it.O d. The law of diminishing returns.O e. People face tradeoffs.е.

The production possibility curve illustrates the combination of two goods that can be produced with…

Answered: Which of the following would shift an…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Any point on a country's production possibilities curve represents a combination of two goods that an economy will never be able to produce. can produce using all available resources and technology. can produce using some portion, but not all, of its resources and technology. may be able to produce in the future with more resources and/or technology.
13
Why isn’t money considered capital in economics? Which of the following are microeconomic issues? Which are macroeconomic issues? a. How will an increase in the price of Coca-Cola affect the quantity of Pepsi Cola sold? b. What will cause the nation’s inflation rate to fall c. How does a quota on textile imports affect the textile industry? d. Does a large federal budget deficit reduce the rate of unemployment in the economy? Explain the importance of the ceteris paribus assumption for an economic model. Analyze the positive versus normative arguments in the following case. What statements of positive economics are used to support the requiring of airbags? What normative reasoning is used? Should the Government Require Air Bags? Technological advances continuously provide new high-tech options to save lives that add to the price of cars, such as cameras, radar, and airbags. Airbag advocates say airbags will save lives, and the government should require them in all cars.…
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.
1. What is the opportunity cost of a particular product? The price paid for that product. b. The value put on that product by the person who bought it. c. The value of the next-best alternative that is given up as a result of buying that particular product. d. The combined value of all the other alternatives that are given up as a result of buying that particular product. a. 2. Which of the following is a capital good? An oven in a bakery. b. A home computer. a. c. The first application of CD ROM technology to an economics textbook. d. An investment in IBM stock.
ces Problem 08-06 The diagram below shows the demand, marginal revenue, and marginal cost of a monopolist. 120 MC MR 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Quantity a. Determine the profit-maximizing output and price. Profit-maximizing output units Profit-maximizing price: $ b. What price and output would prevail if this firm's product was sold by price-taking firms in a perfectly competitive market? Price: $ Output: units c. Calculate the deadweight loss of this monopoly. Mc Graw Hill 110 100 90 80 70 60 50 40 30 20 10 19 BU C
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 production
Refer to the production possibility frontiers for two friends Frodo and Sam who can both produce Ice creams and Jelly beans. Frodo's maximum production of Ice creams is 500 with no Jelly beans, or 2,000 Jelly beans with no Ice creams. Sam's maximum production of Ice creams is 600 with no Jelly beans, or 1,200 Jelly beans with no Ice creams. ICE CREAMS ICE CREAMS 600 500 1200 JELLY BEANS 2000 JELLY BEANS Frodo' PPF Sam's PPF Answer briefly these TWO questions in the box space provided below. Part A: Assuming efficient production without trade, derive the maximum amount of Jelly beans that can be produced by Sam along with 300 Ice creams. Describe your steps in detail. Part B: Assume that Frodo and Sam agree to specialize in production and trade between themselves. Frodo offers 1,000 Jelly beans to Sam in exchange for 300 lce creams. Would Sam agree to this trade?
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If, next year, the production possibilities curve passes through point W on which point on this year’s production possibility curve (PPC) is it not possible for the economy to be operating? A) 100,144 B) 175,0 C) 80,144 D) 0,210

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