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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 possibilityTo 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.-n of ction Below is a production possibilities curve for a large tract of prairie farmland. What is the opportunity cost of 1 unit of rye? Quantity of rye 400 300 200 100 100 200 300 400 500 600 Select one: O a. 0.5 units of wheat O b. 2 units of wheat O c. 5 units of wheat Od. 600 units of wheat O e. none of the above Quantity of wheat
- The shape of the PPF curve illustrates... O A. Decreasing opportunity cost O B. Increasing opportunity cost O C. Allocative inefficiency O D. Allocative efficiencyThe 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 productionConsider the figures above. In Economy B, the opportunity cost of making O A. butter in terms of guns is decreasing. O C. guns in terms of butter is decreasing. O E. butter in terms of guns is lower than in EconomyA. Quantity of Guns Production Possibilities Boundary Economy A 1 2 Quantity of Butter Q Quantity of Guns Production Possibilities Boundary Economy B 6 7 8 Quantity of Butter OB. butter in terms of guns is increasing. O D. butter in terms of guns is higher than in Economy A.
- Economics In economics, Economies of Scope occur when: O The production possibilities curve is reduced to one good O It is less costly for a manufacturer to produce a new good if it is already producing another good O New products expand the scale of operations O Corporate vision is driven by long-term outcomes over short-term gains2. 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?)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 3/4
- Production possibility curve shows maximum efficiency means O a. Resources are wasted O b. None of the options O. Resources are not wasted O d. Resources are not completely usedAlong 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 constantWhat 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