Which of the following is not illustrated by a production possibility frontier (PPF)? Select one: Oa. the equilibrium price Ob. scarcity c. productive efficiency d. necessity for choice
Q: The various combination of goods that can be produced in any economy when it uses its available…
A: The various combination of the goods that can be produced in an economy certain when the available…
Q: What is the difference between the Budget Constraint and Production Possibilities Frontier? How do…
A: Overview Let's take a closer look at the frontier of manufacturing possibilities and the curve's…
Q: Q16. In a competitive market, all of the choices along the production possibility frontier display_…
A: Productive and allocative are two types of economic efficiency.
Q: Production producing at a point is efficient if the economy is a. on the production possibilities…
A: Answer: Efficient production level: all the combinations of two goods that lie on the production…
Q: Define, describe and illustrate with an example the opportunity cost for a person setting up his own…
A: The possible reward that a consumer, entrepreneur, or organization loses out because of preferring…
Q: The fact that human wants cannot be fully satisfied with available resources is called the problem…
A: According to the given question The fact that the human wants cannot be fully satisfied with the…
Q: “How to allocate limited resources in an efficient way (as emphasized in an introductory economics…
A: limited resources - The term limited resources specifies that a country has limited amount of…
Q: The shape of the production possibilities frontier below implies that E B Bread a. some resources…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Consider a production possibilities curve. The origin and two points A and B may be connected by one…
A: Scarcity is an economic concept that relates to the reality that there is a finite number of human…
Q: QUESTION 2 Consider the Production possibility frontier model. Efficiency means that the economy…
A:
Q: D Bread 10. Refer to Figure 1. An economy is operating at full employment, and then workers in the…
A: The PPC is the production possibility curve that illustrates the different combinations of two…
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: The interactions of producers and consumers in individual markets are part of the study of…
A: Microeconomics and Macroeconomics are the two important branches of study of economics.
Q: Discuss how the production possibility frontier model can be used to basic economic problem of…
A: "Since you have posted multiple questions ,we will solve first question for you.If you want…
Q: How does the shape of production possibility frontier graph affect the opportunity cost?
A: As the wants and desires of the individuals in the economy are unlimited but the resources available…
Q: Define the four ecconomic resources (the factor of production).How are they Relevant to the…
A: Economic resources or factor inputs are used in production of output. These are also known as…
Q: Production at a point inside the production possibilities frontier is unattainable and inefficient…
A: A production possibilities curve shows the various combinations of two goods that an economy can…
Q: D). Draw a Production Possibilities Frontier for two goods: airplanes and soybeans. Choose the…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Attempts Keep the Highest / 1 6. Scarcity, opportunity cost, and marginal analysis Lucia is training…
A: Lucia has the fixed number of hours which she cna spend on training of any activity. And if she…
Q: Using the Possibilities Production Frontier explain the concept of opportunity cost (moving from D…
A: Opportunity cost is calculated by taking the ratio of the sacrificed units by one to the gaining…
Q: According to the CIA's World Factbook Website, in January of 2011 Swaziland surpassed Botswana as…
A: Production possibility frontier (PPF) depicts the combination of two goods that an economy can…
Q: As the environment changes, the assumptions on which the goals were based, and ultimately the goals…
A: Given the statement is As the environment changes, the assumptions on which the goals were based,…
Q: Define the following terms with explanation with an example of each 1.Scarcity 2.Opportunity cost
A: Economics is a social science that studies human behavior and help in making economic decisions.…
Q: Cape Town and Durban were first developed in the 17th and 18th centuries as trading posts on the…
A: Given: The example of Cape Town and Durban will be explained below:
Q: The definition of Product Possibility Frontier is The graph which indicates the various production…
A: The definition of product possibility frontier is the graph which indicates the various production…
Q: Harry produces 3 balloon rides and 2 boat rides an hour. Harry could produce more balloon rides…
A: Production possibility curve shows the different combinations of two goods that can be produced with…
Q: Which of the following statements is false about the opportunity cost of taking an online economics…
A: Answer - "Thank you for submitting the question. But, we are authorized to solve one question at a…
Q: The most efficient point of production along the production possibilities frontier is .) Group of…
A: Below are the mentioned inefficient points: * Point "E" shows the unattainable point. * Point "G"…
Q: Draw a production possibilities model with four points labeled ABCD one inside two on the outside…
A: Production possibilities model with four points labeled ABCD one inside two on the outside the…
Q: The boundary between the combinations of goods and services that can be produced and the…
A: Economics refer to the study of allocation of scarce resources in the most optimal way, when the…
Q: Microsoft looked to restructure in part as a response to external pressure from increasing…
A: Basics:- Open System Approach:- In this way, an organization is influenced by its environment…
Q: How could a society manage to end up consuming a bundle of goods that is beyond its production…
A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…
Q: Use the information in the table to answer the below question. Production…
A: Optimal hours is found when MB >= MC, where MB = Change in total benefit / Change in hours MC =…
Q: What is the axiom of consumer choice that implies that consumers spend all their income in order to…
A: Consumers make decisions by allocating their limited and given income for consuming all possible…
Q: The statement "what's good for General Electric is good for the nation" is an example of: the…
A: Fallacy of composition: - The fallacy of composition is referred to the argument of something being…
Q: This refers to the cost of a foregone benefit. a. scarcity b. opportunity cost c. microeconomics d.…
A: Economics is a branch of social science that deals with the production, distribution, and…
Q: 1. Inefficient allocation of resources occurs when A. society is operating at a point low on the…
A: A production possibilities frontier is the locus of all maximum combinations of two goods an economy…
Q: Using an appropriate diagram, explain how the production possibility frontier becomes a model of…
A: Production Possibility Curve (PPC) or Production Possibility Frontier may be defined as a curve…
Q: Why is it inefficient for an economy to be inside the production possibilities frontier?
A: The production possibility frontier shows the relationship between what an economy can produce…
Q: Your niece owns a different type of chicken restaurant. She specializes in chicken and noodles and…
A: The economics as a study is based upon the idea that the resources which the economies have with…
Q: Economic way of thinking: The economic way of thinking has several critical and closely…
A: Economics is a social science in which the use, production, and distribution of products and…
Q: Which of the following is consistent with a point below an economy's production possibilities…
A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…
Q: an opportunity cost a whole country experiences when society or the government has made a choice.…
A: The problem of choice and scarcity tends to lie at the very heart of economics, which is the study…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.Which one of the following concepts is illustrated by a production possibilities frontier? Select one: A. monetary exchange B. consumption C. profit D. investment O E. the tradeoff between producing one good versus anotherExplain why societies cannot make a choice above their production possibilities frontier with own resources and should not make a choice below it.
- Which concept is NOT illustrated by the production possibilities frontier? A. tradeoffs B. efficiency C. opportunity cost D. equityple 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…which 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
- The figure shows the production possibilities frontier for Mario's, a pizza and pasta producer. Draw a point at which the firm achieves production efficiency. Label it Efficient. Draw a point that is attainable but inefficient. Label it Inefficient. ... What does it mean to say that production is inefficient? When production is inefficient, OA. all resources are assigned to tasks for which theyare the best match OB. there is a tradeoff betweenpizza and pasta OC. the firm can produce more pastaonly by producing lesspizza D. the firm can produce more pastawithout producinglesspizza 100- 90- 80- 70- 60- 50- 40- 30- Pasta dishes (per hour) 20- 10- 0- 2 0 PPF 10 12 5 4 6 8 Pizzas (per hour) >>> Draw only the objects specified in the question.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.What is Production Possibility Frontier? Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy’s cow population?
- Describe the linkage between “Scarcity” and each of the following;i. Choiceii. Opportunity Costiii. CompetitionFigure - Production-Possibilities Curve Office Buildings .C D Housing It is not possible for society to produce this combination of office buildings and housing with current resources and technology. Which of the following points in the figure could represent this combination? Multiple Choice A B B .AQ16. In a competitive market, all of the choices along the production possibility frontier display_ with_ Lefficiency, while the specific choice on the frontier that society picks is the one _efficiency A. productive; allocative B. allocative; productive C. allocative; allocative D. productive; productive
