holds that as an economy moves along its production possibilities curve in the direction more of a particular good, the opportunity cost of additional units of that good will increase. : Adam Smith's Law of Diminished Production : The principal of scarcity : The cost-benefit analysis model

Q: Scarcity limits the volume of goods that an economic system can produce but does not limit the…

A: One of the defining features of economics is scarcity, which deals with how people satisfy unlimited…

Q: Using the concept of production possibility curve, explain how it can be used to  show the…

A: Production possibility curve is a frontier which shows combinations of two goods which an economy or…

Q: The diagram below shows a country’s production possibilities curve. Two outputs are possible,…

A: Here, the given graph shows the production possibilities curve with two goods, capital good and…

Q: One of the important concepts for understanding cities is “path dependency.” Which of the following…

A: Path dependency is one of the approaches to make economic decisions on the purchase or exchange…

Q: Which of the following is NOT an example of scarcity? Select the correct answer below: Due to a lack…

A: The term "scarcity" is being used when there is a limit to the amount of resources (natural, labour,…

Q: Which of the following statements best describes scarcity? a. Production is efficient, but…

A: Every country poor or rich, has a problem of scarcity. It does not afflict only countries.

Q: Which of the following is NOT an illustration of the notion of opportunity cost         A.…

A: Scarcity is a very important concept in economics which explains why consumers and producers have to…

Q: The only way that a society can produce outside the production possibilities curve is Question 9…

A: Production possibilities frontiers are used to represent the trade-off that occurs between the…

Q: give 1 of the following statements that is NOT true regarding the production function and the…

A: b. The production function describes the capacity of a single firm, whereas the production…

Q: The production possibilities curve represents the maximum combination of goos and services that can…

A: In business analysis, the production possibility curve (PPC)  represents the possible quantities…

Q: The table below shows the Production possibilities for an economy Production Alternatives Capital…

A: Since you have asked a question with multiple sub-parts, we will solve first three sub-parts for…

Q: explain how intertemporal choice  is elaborated in economics?

A: Intertemporal Choice: The intertemporal choice is an economic model that explains present decision…

Q: The individual production points on each person's production possibilities frontier represent their…

A: Production possibility curve is used to represent the maximum amount of output that an individual…

Q: Distinguish between Micro and Macroeconomics

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Which of the following statements is true of scarcity? A. Scarcity only effects developing…

A: Scarcity: - it is the very basic problem of economics that is related to the limited availability of…

Q: Every society faces​ trade-offs because we live in a world of scarcity. Suppose a​ student-athlete…

A: Opportunity cost is defined as the foregone opportunity while selecting the first best alternative…

Q: 1.2 Which of the following is NOT a primary factor of production? a) A business owner b) A doctor c)…

A: 12) Out of the given option, business owner is not a primary factor of production. Reason:- There…

Q: California has been greatly affected by the forest fires of 2020. The most likely economic impact…

A: The production possibility curve (PPC) depicts the combination of two goods that a nation can…

Q: In Victoria. In Queenslan 4.12.1 Which form of scarcity is depicted in Victoria in the picture…

A: 12.1 - Victoria is facing water scarcity which reached stage 4. Under Stage 4, there are many…

Q: Given a production possibilities curve for investment goods and consumption goods, which of the…

A: The "production possibility frontier" (PPF) depicts the various products and services that can be…

Q: Why does a production possibilities frontier have  to be downward sloping and  have a bowed out…

A: A production possibility frontier (PPF) is a representation of two commodities and displays various…

Q: Explain the following in not more than half a page Opportunity cost. Production possibility…

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Q: Which of the following is NOT part of the opportunity cost of attending university?      A) The…

A: Opportunity cost is defined as the benefit an individual or business misses while choosing some…

Q: Can the practice of reusing help us tackle the problem of scarcity? Discuss briefly.

A: The problem of scarcity is the gap between limited resources and unlimited wants. If demand for any…

Q: Graph 1: Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two…

A: Hi, thank you for the question. As per the guidelines, we can only answer 1 question at a time.…

Q: Every society faces​ trade-offs because we live in a world of scarcity. Suppose a​ student-athlete…

A: Opportunity cost is defined as the benefits an individual, business, or investor forgoes when he/she…

Q: Fully discuss how the production possibility frontier demonstrates the basic economic problem of…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: Graph 1: Draw a production possibilities model with 4 points labeled A, B, C, D, one inside, two on,…

A: The curve that depicts combinations of goods that could be produced while making use of the same…

Q: “Scarcity is the fundamental problem that every nation in this world faces.”  What do you mean by…

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: production possibility curve shows the possible combination of two goods with utilization of…

A: A country has to choose which goods they produce because of the scarcity of resources. The scarcity…

Q: Write TRUE if the statement is right and FALSE if it is wrong:   _____    9. We run into scarcity…

A: The economics is the study about the allocation of limited across the people of the country.…

Q: If an unattainable point outside a production possibilities curve can become an attainable and even…

A: Consider the following graph in which point a is effecient and point b is ineffective.

Q: Which of the following statements does NOT describe opportunity costs?   A. The interest income…

A: Opportunity cost is the cost of next best alternative that is available and is foregone. It is…

Q: The production possibilities curve can best be described as representing the economics principle of…

A: In economics, the production possibility curve is one of the effective economic measure to be used…

Q: The leader of a political party made the following campaign promise: "My administration will…

A: Production possibility frontier shows combinations of two goods that can be produced with the given…

Q: Explain how scarcity is determined in our economy

A: Scarcity is well defined when ends available to fulfill the need are limited and not easily…

Q: Alex Selkirk's PPF is given below. The outputs represent what he can catch, or produce, in any given…

A: Opportunity cost:- The possible rewards that an individual, investor, or organisation lose out when…

Q: The only way that a society can produce outside the production possibilities curve is Question 9…

A: Production possibilities frontiers are used to represent the trade-off that occurs between the…

Q: Which of the following would be most likely to shift the production possibilities curve to the…

A: The production possibilities curve(PPC) depicts the mix of consumer and capital products that a…

Q: Scarcity is a problem because... Group of answer choices There are not enough resources to produce…

A: Scarcity refers to shortage of resources in response human wants.

Q: Which of the following is true of an economy’s production possibilities curve? a. It shows the…

A: Production possibility curve is also called production possibility frontier.

Q: Which of the following is an example of economic scarcity? College students only have enough time to…

A: Scarcity: - it is a very basic problem of economics that is related to the limited availability of…

Q: “If resources were unlimited and were freely available, there would be no subject called…

A: From this statement we suggest that If resources were unlimited and freely offered, creating…

Q: Use the concept of the production possibility frontier to explain the basic economic principles of…

A: When faced with the option of creating two commodities or services, the (PPC) is a model that…

Q: Directions: Read the article below . Then , discuss how the economic program of the government…

A: Scarcity is an important term of economics. If the demand for goods and services is greater than the…

Q: If an economy is producing inside its production possibility curve, it reflects…

A: Production possibility curve explains the trade-off between combinations of 2 goods or services.…

Q: Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or…

A: Total units of labor= 12 units Goods produced in the nation:- Guns Butter Guns 0 1 2 Butter 6…

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.