Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 2, Problem 12RQ
Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?
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Chapter 2 Solutions
Principles of Economics 2e
Ch. 2 - Suppose Alphonsos town raised the price of bus...Ch. 2 - Return to the example in Figure 2.4. Suppose there...Ch. 2 - Could a nation be producing in a way that is...Ch. 2 - What are the similarities between a consumers...Ch. 2 - Individuals may not act in the rational,...Ch. 2 - Would an op-ed piece in a newspaper urging the...Ch. 2 - Would a research study on the effects of soft...Ch. 2 - Explain why scarcity leads to tradeoffs.Ch. 2 - Explain why individuals make Choices that are...Ch. 2 - What is comparative advantage?
Ch. 2 - What does a production possibilities frontier...Ch. 2 - Why is a production possibilities frontier...Ch. 2 - Explain why societies cannot make a choice above...Ch. 2 - What are diminishing marginal returns?Ch. 2 - What is productive efficiency? Allocative...Ch. 2 - What is the difference between a positive and a...Ch. 2 - Is the economic model of decision-making intended...Ch. 2 - What are four responses to the claim that people...Ch. 2 - Suppose Alphonsos town raises the price of bus...Ch. 2 - During the Second World War, Germanys factories...Ch. 2 - It is clear that productive inefficiency is a...Ch. 2 - What assumptions about the economy must he true...Ch. 2 - Do economists have any particular expertise at...Ch. 2 - If the price of a magazine is 4 each, what is the...Ch. 2 - If the price of a pie is 12, what is the maximum...Ch. 2 - Draw Maries budget constraint with pies on the...Ch. 2 - What is Maries opportunity cost of purchasing a...
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Similar questions
- How could a society manage to end up consuming a bundle of goods that is beyond its production possibility frontier？ And, in doing so, how does it shift what it produces? Please include a graph that helps to illustrate your answer.arrow_forwardA point inside a production possibilities frontier?arrow_forwardWhat is the production possibilities frontier? Explain the basics of the simple tool and illustrate your answer with an example!arrow_forward
- Macroeconomics 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_forwardUsing an appropriate diagram, explain how the production possibility frontier becomes a model of scarcity, choice and opportunity cost.arrow_forwardWhat is a production possibilities frontier? How can we show efficiency on a productions possibilities frontier? How can we show inefficiency? What causes a production possibilities frontier to shift outward?arrow_forward
- Explain what is illustrated by the production possibilities frontier. Also, why is a production possibilities frontier typically drawn as a curve, rather than a straight line?arrow_forwardUse the concept of the production possibility frontier to explain the basic economic principles of scarcity, choice, Trade-off, and opportunity costarrow_forwardUsing your own words, describe the law of increasing opportunity costs. Be sure to explain why this phenomenon occurs and how it helps to contribute to the shape of the production possibilities frontier.arrow_forward
- The slope of the production possibilities frontier is calledarrow_forwardWhat do you mean by the production possibilities of an economyarrow_forwardBeth can read 30 pages of astronomy in an hour. She can also read 20 pages of sociology in an hour. She spends 6 hours per day studying. **Use the blue line (circle symbol) to draw Beth's production possibilities frontier (PPF) for reading astronomy and sociology. Diagram has Astronomy Pages on the left from 0-200 in increments of 20's On the bottom of the Diagram it lists Sociology Pages numbered the same fom 0-200 in increments of 20. Beth's opportunity cost of reading 60 pages of sociology is ___________ pages of astronomy.arrow_forward
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