Which 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 O d. Increasing marginal costs.
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- The possible combinations of two goods that can be produced in a certain period of time under certain conditions of technology and fully employed resources: O a. Scarcity O b. Central problem O C. Opportunity Cost O d. Production possibilityQUESTION 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 one of the following is true about the production possibilities frontier (ppf) o a. the information is perfect o b. large number of buyers and sellers o c. free entry and exit o d. government interference in economic activities
- Along a bowed-out production possibilities frontier, as more of one good is produced, O a. the opportunity cost of producing both goods must remain constant O b. technology remains constant O c. the opportunity cost of producing that good decreases O d. efficiency decreses O e. the opportunity cost of producing that good remains constant= Quantity of clothing (pounds) 20 12 ย 6 4G ↓↑ The diagram given below depicts the PPF for Country Noville that only produces clothing and food. Use it to answer the question that follows: 1 83% 1:24 am 16 1 B 28Hosne's Production Possibilities Frontier Twallets Icon Key 10- 9 8 1 3 123 8 9 10 parses Merve's Production Possibilities Frontier Twallets 10 1 2 3 4 purses Refer to Figure 3-5. If Hosne and Merve each divides her time equally between making purses and making wallets, then total production is O a. 4 purses and 8 wallets. O b. 7 purses and 7 wallets. O c. 10 purses and 6 wallets. O d. 14 purses and 14 wallets.
- Consider the production possibilities frontier in the figure shown. The opportunity cost of cars when moving from point B to point C: Cigars 4004 300 200 100 O a Ob OC Od 10 B C 20 30 D 40 Cars is greater than the opportunity cost of cars when moving from point A to point B. None of these statements are true. is less than the opportunity cost of cars when moving from point A to point. 8. is greater than the opportunity cost of cars when moving between any other two points.Refer to the table and figure below. Option A Option B Option C Option D Option E Option F 50 Production Options Output of Trucks per Day 50 40 30 20 10 0 Output of Tanks per Day 0 20 30 38 45 50 Production Possibilities CurveThe production possibility curve shows all the following except O a. Economic growth O b. The law of demand O c. The supply curve of 2 goods O d. The law of increasing opportunity cost O e. Inefficiency in production
- QUESTION 19 Mohamed says that "gas prices are rising because there aren't enough oil refineries." Ahmed argues that "gas prices are rising because of the growing demand for gasoline from China and India." We can conclude that O A. Mohamed's statement is positive, but O B. Ahmed's statement is positive, but Ahmed's is normative. OC.Both statements are positive. D. Both Mohamed's is normative. statements are normativeThe 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.…Study the following diagram and answer the question that follows: Submarines C b 0 Hospitals With reference to the above production possibilities frontier, we can say that... O A. the opportunity cost of producing one more hospital is higher at f than at g. O B. the opportunity cost of producing Oa hospitals is Ob submarines. O C. the opportunity cost of producing one more submarine is higher at g than at f. O D. the opportunity cost of producing Oa hospitals is cb submarines.