Macroeconomics (MindTap Course List)
10th Edition
ISBN: 9781285859477
Author: William Boyes, Michael Melvin
Publisher: Cengage Learning
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Question
Chapter 2, Problem 8E
To determine
The correct answer from the given options that states the
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The law of increasing opportunity costs indicates that the opportunity cost of producing a good:
a. increases as more of the good is produced.
b. decreases as more of the good is produced.
c. is proportional to the production of the good.
d. is constant to the production of the good.
production possibilities frontier can shift outward if
Select one:
a.
government increases the amount of money in the economy.
b.
there is a technological improvement.
c.
the economy abandons inefficient production methods in favour of efficient production methods.
d.
resources are shifted from the production of one good to the production of the other good.
Give typing answer with explanation and conclusion
Chapter 2 Solutions
Macroeconomics (MindTap Course List)
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Similar questions
- In deciding to produce a given good, an individual would always choose A. The process that uses the most capital goods B. The most productive process available C. The shortest and most productive process available D. The shortest process availablearrow_forwardSuppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is А. 36 C. 6. D. B.arrow_forwardYou bought a laptop at $3000 last year, its resale value now is $2000. It will cost $3500 to buy a new laptop. The opportunity cost of keeping your laptop is: a. $3500 b. $3000 c. $2000 d. $1500arrow_forward
- Typed and correct answer please. I ll ratearrow_forward1. Economics can be defined as: a. The science of mathematics in an economy’s context. b. A social science concerned with the production, consumption and distribution of goods and services. c. A social science concerned with tourism and all its facets. d. A subset of tourism, recreation and mathematics. 2. Which of the following will shift the demand curve for four-star hotel accommodation in New York to the right? e. A rise in the value of the US dollar against other currencies. f. A fall in incomes of consumers. g. A successful advertising campaigns. h. A terrorist threat to New York.arrow_forward1. It is primarily the basis of economic activity a. economics b. scarcity c. social science d. abundance 2. What happen to the demand for tilapia if the price of bangus will go down? a. prices of tilapia remains b. price of bangus remains c. shift to the right d. shift to the left If cruz family lessens their demand expenditures for rice because they want pandesal for their breakfast, this is a. time efficient b. taste and preference c. decrease in income d. saving for cooking gasarrow_forward
- If resource prices are fixed and the selling price rises, then a. profits will increase. b. profits will decrease. c. profits will remain constant. d. both profits and output will decreasarrow_forwardQuestions for Review 4. Define scarcity . 5. Generally economists divide resources into four broad categories explain . 6. What is competition ? And what form it takes ? 7. What is opportunity cost ? 8. Define marginal costs & Marginal benefits . 9. Compare between Macroeconomics & Macroeconomics 10. Micro economists & macro economists ask different questions . Explain ?arrow_forward__________ is the value of the next best alternative that is being given up. a. Production cost b. Real cost c. Opportunity cost d. Money costarrow_forward
- A production possibilities curve shows the variouscombinations of two outputs thata. consumers would like to consume.b. producers would like to produce.c. an economy can produce.d. an economy should produce.arrow_forwardEconomics is concerned with A. All the given answers B. the effects of changes in opurtunity cost on decisions C. the competition that scarcity makes necessary D. the choices people must make because resources are scarcearrow_forwardThe opportunity cost of moving from point E to point B in the picture is what ?arrow_forward
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