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- Quantity of Guns Production Possibilities Boundary Economy A 2 Quantity of Butter Consider the figures above. In Economy B, the opportunity cost of making O A. butter in terms of guns is higher than in Economy A. O C. butter in terms of guns is decreasing. E. guns in terms of butter is decreasing. Q Quantity of Guns Production Possibilities Boundary Economy B 7- 1 Quantity of Butter Q M OB. butter in terms of guns is increasing. O D. butter in terms of guns is lower than in EconomyA.people are rational QUESTION 7 Ben says that "an increase in the tax on beer will raise its price." Holly arques that "taxes should be increased on beer because college students drink to0 much." We can conclude that: O A. Both statements are O C. Ben's statement is normative, but Holly's is positive D. Holly's statement is normative, but Ben's is positive O B. Both statements are positive normativeTo determine how much of a good to produce to achieve allocative efficiency, we O A. construct a production possibilities frontier and choose the midpoint. O B. must produce on the PPF and at the point where the marginal benefit exceeds by as much as possible the marginal cost of the good. OC. construct a production possibilities frontier and choose any point on it. O D. must produce on the PPF and at the point where the marginal benefit exceeds by any amount the marginal cost of the good. O E. must produce on the PPF and at the point where the marginal benefit and marginal cost of the good are equal.
- ples and no change in ce cream Od.+1 pie and +2 ice cream QUESTION 2 Pie Tim Pies Deve 10 The graphs above de loe Cream loe Cream make in a given weekend. Use this to answer the questions that follow. Which of the following is true? O a. Tim has the absolute advantage at both ice cream and pies and Dave has the comparative advantage at ice cream Ob. Dave has the comparative advantage at pies and Tim has the comparative advantage at ice cream OC. Tim has the comparative advantage at ice cream and pies Od. Dave has the absolute and comparative advantage at ice cream and Tim has the absolute and comparative advantage at pies QUESTION 32. Below is a production possibilities frontier (PPF) for Happyland, acountry that produces only two goods- wine and cheese. wine cheese a) Explain what the production possibilities frontier is and how it illustrates scarcity. b) What happens to the marginal opportunity costof cheese production in Happyland as the country increases its cheese production? (increase, decrease, unchanged or indeterminate?) Explain how you can tell this from the PPFand why it happens. c) Briefly describe two specific policies the government of Happyland could undertake to shift out their PPF in future periods. (By specific policies, I mean something they can actually do to change productivity for either or both of these goods. "Increase resources," for example, is not a specific policy. What resources and what type of policy could increase the resources used for either of these products?)Refer to Table 1, at which of the following prices would both Daniel and Katie gain from trade with each other? Table 1 Minutes needed to make 1 Piece of Brownies Cup of Milk Tea Daniel 15 9. Katie 12 14 Select one: O a. 6 pieces of brownies for 3 cups of milk tea O b. 6 pieces of brownies for 4 cups of milk tea O c. 6 pieces of brownies for 5 cups of milk tea O d. 6 pieces of brownies for 8 cups of milk tea O e. 6 pieces of brownies for 12 cups of milk tea None of the above prices.
- Suppose that we are in a small, local economy that produces three goods. They are: (i) Food, (ii)Gas, and (iii) Housing. The prices for reach of these goods from 2019-2022 are:Good 2019 Price 2019 Quantity 2020 Price 2020 QuantityFood 10 12 14 15Gas 2 2 1.50 1.50Housing 2,000 2,500 2,200 1,800Good 2021 Price 2021 Quantity 2022 Price 2022 QuantityFood 12 15 15 16Gas 3 2 4 2.50Housing 2,300 2,200 2,400 2,3001. Calculate the Nominal GDP for this economy for 2019, 2020, 2021, and 2022. 2. Calculate Real GDP for this economy for 2019, 2020, 2021, and 2022, using the year 2019as the base year. 3. Calculate Real GDP for this economy for 2019, 2020, 2021, and 2022, using the year 2020as the base year. 4. Calculate the Real GDP Deflators for 2021 and 2022 using the Nominal GDPs youcalculated in Q1 and the Real GDPs you calculated in Q3.5. What is the annual inflation rate for 2022 according to the Real GDP Deflators youcalculated in Q4? Now suppose that the Local Government is interested in…Macmillan Learn Suppose that Ned can produce either potato chips or computer chips. If he only produces potato chips he can produce 50 in a day. If he only produces computer chips, he can produce 25 in a day. Drag the endpoints of the line to plot his production possibilities frontier (PPF) on the graph. Potato Chips 50 45 40 35 30 25 20 15 10 Incorrect 5 O 0 5 10 15 20 25 30 Computer Chips 35 40 Ned's PPP 45 50 What is the opportunity cost of potato chip production in terms of computer chips? 4/3 0 0 0 1/2 50 25 2 3/4An owner of a landscaping business received extra income in the previous month. She is considering eitner buying a new lawnmower or spending the money on an advertisment in order to increase business in the next few months If the business owner chooses to spend the money on an advertising campaign, what is the opportunity cost? O A. more advertising O B. next month's income O C. the lawnmower O D. increased business
- Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat Pound of Beef Brad 10 12 Theresa 6 10 Refer to Table 3-20. What is Brad's opportunity cost of producing one bushel of wheat? O a. 5/6 pound of beef O b. 6/5 pounds of beef O c. 3/5 pounds of beef O d. 5/3 pounds of beef - Icon KeBased on the graph, what is the opportunity cost of moving from point B to point D? Baseballs 200 150 100 C 50 100 200 300 400 Bananas Select one: O a. 100 bananas and 100 baseballs O b. 100 bananas and 50 baseballs O c. 50 baseballs O d. none of the answers are correct O e. 100 bananas B.What happens if a country produces a combination of goods that efficiently uses all of the resources available in the economy? 100- O A. The country has eliminated scarcity. O B. The country is maximizing its opportunity cost. A 80- c. The country is operating on its production possibilities frontier. B G O D. All of the above occur if a country uses all available resources. 60- Refer to the graph to the right. What is the opportunity cost of moving from point B to point C? 40- O A. 40 sedans 30 F **... O B. 40 SUVS D 20- O C. 20 sedans O D. 20 SUVS 10 50 E 20 40 60 80 100 Quantity of SUVS produced per day Quantity of sedans produced per day
