Which statement about economic systems is usually correct: Select one Oa The market system is based on central planning by governments O All courntries need an economic system to make decisions about how resources will be used O cina planned economy the allocation of resources is determined mainly by the market O din market systems productive resources are predominantly owned by the government

Q: This question has multiple answers. Choose all that apply. As we move along the production…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: To determine how much of a good to produce to achieve allocative efficiency, we O A. construct a…

A: The production possibility frontier shows all the maximum combinations of the two goods that can be…

Q: The graph shows Wendell's PPE Wendell's opportunity cost of playing one hour of squash as he spends…

A: The cost that depicts the cost of the next best alternative being foregone is known as opportunity…

Q: The possible combinations of two goods that can be produced in a certain period of time under…

A: The Variation in the production of two goods in the specific time period is illustrated by the…

Q: A manager asks an employee, "Should we distribute tickets to the concert on a…

A: The basic fundamental economic questions faced by every market system is What to produce, How to…

Q: The resources used to produce goods and services are divided into four categories: 1. Land 2. Labour…

A: The resources used to produce goods and services, commonly referred to as the factors of production,…

Q: Explain why societies cannot make a choice above their production possibilities frontier with own…

A: The production possibilities Frontier (PPF) is a graphical illustration of the most output…

Q: Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and…

A: The value of alternative opportunities foregone and sacrificed to acquire one unit of a commodity is…

Q: None

A: In the provided production possibility frontier (PPF) graph, the opportunity cost of producing one…

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: Hutch Technology makes computer monitors, which sell for $100 each. What is the opportunity cost of…

A: Opportunity cost: It is the loss of other alternatives when one alternative is chosen.

Q: One of the following statements is an example of a positive statement. Which one is it? O A. Vote…

A: The statement which is subjective and based on value judgements and assumptions. Providing any view,…

Q: Which concept is NOT illustrated by the production possibilities frontier?    A. tradeoffs  B.…

A: The production possibility frontier (PPF) is a bend that represents the potential amounts that can…

Q: Identify the point or points for which the following is true: Production of pizza can be increased…

A: When two different goods (like pizza and beer, here) are to be produced using the same amount of…

Q: After Hurricane Katrina devastated parts of Mississippi and New Orleans in 2005, we can be sure that…

A: The combination of the goods and services which can be produced efficiently, of they are on the…

Q: 13. Explain why societies cannot make a choice above their production possibilities frontier and…

A: A PPF shows the maximum output combination of two goods given all inputs are efficiently utilized.…

Q: Barb can produce 10 apples or 10 oranges on her farm, while Jim can produce 20 apples or 40 oranges.…

A: What is OPPORTUNITY COST (chance expenses) Financial backers are constantly confronted with…

Q: Production Production Point chocolate bars cans of cola A 100 10 90 C 20 70 D 30 40 E 40 The above…

A: In economics, opportunity cost can be used to choose one product over another, or it can be used…

Q: Which government action would be taken in a command economy to address the problem of economic…

A: The command economy is characterized by public ownership of nearly all property resources and…

Q: What happens if a country produces a combination of goods that efficiently uses all of the resources…

A: Ppc shows the possibility of production with given resources and technology . Those points or…

Q: The diagram below shows a society's production possibility frontier for coffee mugs and calculators.…

A: PPF is the production possibility frontier. PPF shows the production possibility of two goods in an…

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.