The production possibilities model is illustrated with a negatively sloped line because a. of diminishing returns. b. production of different types will compete for limited resources. c. the opportunity cost of producing more of something will rise.
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- QUESTION 9 Any point inside the production possibilities curve indicates. O A. the presence of technological change O B. that resources are imperfectly substitutable among alternative C. the presence of inflationary O D. that more output could be produced with the available uses. pressures resourcesWhich of the following indifference curve the slope of the production possibilities frontire? A, Opportunity cost B, Marginal cost C, Indifference Curve D, Marginal ProductWhich of the following concepts can be used to explain why production possibility frontiers is concave to the orgin. O a. Scarcity O b. Sunk costs. Oc. Trade d. Increasing marginal costs.
- The shape of the production possibilities frontier below implies that E B D Bread a. some resources are better suited for producing bread than for producing wine. b. the financial cost of producing bread is higher than the financial cost of producing wine. c. the opportunity cost of producing more bread falls as bread production rises. O d. the producer's technology is not subject to the principle of increasing cost. QUESTION 5 Opportunity cost can best be defined as the a. value of the best alternative foregone when the alternative at hand is chosen. b. cost of the resources used to produce a good or service. C. money cost of a good or service. o d. money cost plus interest on money borrowed to buy a good or service. QUESTION 6 When a firm or economy is operating inefficiently. it is operating O a. on its production possibilities frontier. b. outside it production possibilities frontier. C. at the intersection of the production possibilities frontier with the vertical axis. O d.…A point inside the production possibilities frontier isa. efficient but not feasible.b. feasible but not efficient.c. both efficient and feasible.d. neither efficient nor feasibleUtopia produces only two products: cheese and wine. The production levels are shown in the table below. Cheese % inputs Ø 20 48 60 80 108 output 0 60 100 130 150 160 A 0 % inputs 0 20 40 B 60 80 100 a. From this data, complete Utopia's production possibilities table below. Possibility Cheese Wine Wine с output 0 80 140 190 210 220 D b. Utopia (Click to select) c. If Utopia is at D. the total cost of 20 more cheese is d. If Utopia is at D. the total cost of 50 more wine is E produce 130 cheese and 190 wine. wine. cheese. F 0 A
- Choice A B с D E A increasing B) decreasing C) constant Quantity of Banjos Produced D) negative 200 180 Refer to Table 2-3. Ming faces the production of banjos and harps. 140 80 0 Quantity of Harps Produced 0 20 40 60 80 opportunity costs in Ⓒple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…A point inside a production possibilities frontier OA. is unattainable. B. indicates that some resources are unemployed. OC. implies that too much capital and not enough labor is being used. O D. is more efficient than points on the production possibilities frontier.
- . Buffy is thinking about opening an amulet store. Sheestimates that it would cost $350,000 per year to rentthe location and buy the merchandise. In addition,she would have to quit her $80,000 per year job as avampire hunter.a. Define opportunity cost.b. What is Buffy’s opportunity cost of running thestore for a year?What is the difference between technology and technological change? A. Technology is the development of new products, while technological change is when a firm is able to produce more output with the same inputs. B. Technology is the process of using inputs to make output, while technological change is when a firm is able to produce the sameoutput using fewer inputs. C. Technology is the development of new products, while technological change is when a firm is able to produce the same output with fewer inputs. D. Technology is when a firm is able to produce moreoutput using the sameinputs, while technological change is the process of using inputs to make output. E. Technology is the process of using inputs to make output, while technological change is when a firm is able to produce more output using more inputs.Every point on the production possibilities curve represents? a. a greater increase in supply b. an efficient use of rescources c. an inefficient use of resources d. a greater increase in demand