Macroeconomics (MindTap Course List)
10th Edition
ISBN: 9781285859477
Author: William Boyes, Michael Melvin
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 9E
To determine
The correct answer from the given options that states the
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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)
Knowledge Booster
Similar questions
- __________ 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_forwardIn 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_forwardTyped and correct answer please. I ll ratearrow_forward
- Use the table to answer questions 1. What is the oppourtonity cost of producing 800 tons of fruit instead of 450?arrow_forwardThe opportunity cost of moving from point E to point B in the picture is what ?arrow_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_forward
- Questions 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_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_forward10. The production possibilities curve will never move outwards. True False 11. Government controls all market activity in the United States. True False 12. What does the law of demand state? A. As the price increases, quantity demanded remains constant. B. As the price increases, quantity demanded increases. C. As the price decreases, quantity demanded decreases. D. As the price increases, quantity demanded decreases. 13. Microeconomics is the study of which of the following? Individual economic units Banks and the U.S. government Money and money markets Foreign exchange marketsarrow_forward
- What is opportunity cost and what is its significance. In my homework .arrow_forwardThe value of the next best alternative that had to be given up to do the action that was chosen is the a. sale price. b. trade-off. C. opportunity cost. d. capital.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_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
