Economics (Book Only)
12th Edition
ISBN: 9781285738321
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 2, Problem 11QP
To determine
Explain any situation using the
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What is meant by produce outside ppf and produce inside ppf
How do choices end up determining what, how, and for whom goods and services are
produced? Graphically explain efficient, inefficient, attainable and unattainable points
in PPF.
Mr Adam has 4 hours of free time (leisure) per day. Mr Adam has two leisure activities (hobbies) –reading books and watching movies.Apply the PPF model to study and analyze how Mr Adam can allocate his free time.Use the PPF model to explain the concept of scarcity and opportunity cost in this case.Your answer should include a well labeled diagram.
Chapter 2 Solutions
Economics (Book Only)
Ch. 2.1 - Prob. 1STCh. 2.1 - Prob. 2STCh. 2.1 - Prob. 3STCh. 2.1 - Prob. 4STCh. 2 - Prob. 1VQPCh. 2 - Prob. 2VQPCh. 2 - Prob. 3VQPCh. 2 - Prob. 4VQPCh. 2 - Prob. 5VQPCh. 2 - Prob. 1QP
Ch. 2 - Prob. 2QPCh. 2 - Prob. 3QPCh. 2 - Prob. 4QPCh. 2 - Prob. 5QPCh. 2 - Prob. 6QPCh. 2 - Prob. 7QPCh. 2 - Prob. 8QPCh. 2 - Prob. 9QPCh. 2 - Prob. 10QPCh. 2 - Prob. 11QPCh. 2 - Prob. 12QPCh. 2 - Prob. 1WNGCh. 2 - Prob. 2WNGCh. 2 - Prob. 3WNGCh. 2 - Prob. 4WNGCh. 2 - Prob. 5WNGCh. 2 - Prob. 6WNGCh. 2 - Prob. 7WNGCh. 2 - Prob. 8WNGCh. 2 - Prob. 9WNG
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- Assume you have a production possibilities frontier (PPF) bowed out from the origin with healthcare on the Y axis and education on the X axis. What does the PPF represent? How is opportunity cost demonstrated using the PPF?arrow_forwardName one economic interaction that isn’t covered by the simplified circular-flow diagram.arrow_forwardWhat is PPP, and why is it useful?arrow_forward
- based on the image and the PPF is point b efficient? why?arrow_forwardA point which lies under the PPF curve represents what kind of combination of goods?arrow_forward“Scarcity is the fundamental problem that every nation in this world faces.” What do you mean by this statement? If you were an economist how would you address this fundamental problem?arrow_forward
- What does efficiency mean according to the PPF model?arrow_forwardA global pandemic results in 6 million confirmed cases and the death of over 400,000 individuals. What happens to the PPF curve? Also, from the list provided, please choose an explanation as to why you chose your previous answer. What happens to the PPF? Explain. Choose: PPF shifts outwards Produce inside PPF Produce outside PPF Increased production given resources Increase in resources PPF shifts inwards Unused Resourcesarrow_forwardRob decided to drive to school rather than take the school bus. What was the opportunity cost of Rob’s decision?arrow_forward
- Which of the following statements is incorrect regarding the PPF model? a. A decrease in resource availability would cause the PPF to shift in closer to the origin. b. Points that are currently outside of the PPF could be attainable with increased resource availability and/or improved technology. c. The points on the PPF where the curve touches the axes are clearly the best ones for the firm to produce. d. If the goods sector of an economy is being studied, the axes will be labeled consumer (or consumption) goods and capital goods. e. If an entire economy is being studied, the axes will be labeled goods and services.arrow_forwardMacroeconomics Basics What is a production possibilities frontier (PPF)? Illustrate (DRAW) your answer by drawing a PPF, properly labeled and show an unattainable production combination.arrow_forwardTrue/falsearrow_forward
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