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
Q: Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at a…
A: Opportunity cost is the cost of next best alternative i.e., what is left after choosing one…
Q: 1. Discuss the principles of individual decision making with examples
A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first…
Q: If college-age athletes drop out of college to play professional sports, principle # is the…
A: Given: The college-age athletes drop out of college to play professional sports. We have to find…
Q: Specialization and trade Select one: O A. does not benefit anyone. OB. allows nations to produce…
A: The many combinations of two items that can be produced in the economy with the available resources…
Q: Economic Free Freedom Enterprise Private Property Competition Rights Which of the following terms…
A: A market economy is a system where the laws for demand and supply tend to direct the production of…
Q: If the price of a good or service is lowered and people buy more of this good or service, this…
A: An economic system's output is goods and services.Services are actions done for the benefit of the…
Q: Assume that your company produces two goods: laptops and tablets. Assume aslo that your company has…
A: Economics is a study of how to make optimal use of resources, as these resources are scarce(limited)…
Q: What happens if a country produces a combination of goods that efficiently uses all of the resources…
A: The wants and desires of the individuals in the economy are unlimited but resources available to…
Q: a. Suppose that businesses buy a total of $140 billion of the four resources (labor, land, capital,…
A: The circular flow of income is an economic model that represents economic transactions in a market…
Q: If your tuition is $25,000 this semester, your books cost $1,500, you can only work 20 rather than…
A: Opportunity-cost is the cost(C) of next best-alternative forgone. In the above question,…
Q: If private property rights are not well enforced in a country, the result tends to be that, O a.…
A: The property rights are the bundle of claims defining the privileges, rights, and limitations of the…
Q: 9- Given that, the opportunity cost for producing 1 million kg of shrimps for island A is 1.5…
A: Opportunity cost is the next best alternative , or we can say loosing one opportunity for the gain…
Q: Looking at the scope of central planning in the Soviet Union post WW-II, between 1951 and 1960 the…
A: Russia was following the centralised system of economic planning where the central authority was…
Q: A person or nation that has a comparative advantage in the production of a good, should, O A) Have…
A: When a nation is in a position to produce one commodity with an opportunity cost that is lesser than…
Q: 7) Scarcily relers lo A) the ability of society to employ all of its resources. B) the ability of…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: 22. If two persons are trading in two different categories, he would get best output from one and a…
A: When the two countries are involved in a free trade, a country should produce the good in which it…
Q: There are 3 pizza places in a small town. One has 50% market share, one has 40% market share, and…
A: An important economic indicator of competition and concentration in an industry that is used by…
Q: 1. Assume that the schedule below describes the production possibilities confronting an economy.…
A: (Note: Since there are many questions with multiple parts, only the first three parts of the first…
Q: Consumer sovereignty is more likely to be observed in what type of economic system? O A) Both A and…
A: Consumer sovereignty is defined when consumer experiences some power to control goods that are to be…
Q: Production Possibilities Products A В D Steel 1 2 3 4 Wheat 100 90 75 55 30 Refer to the above…
A: In business analysis, the production possibility frontier (PPF) is a curve illustrating the varying…
Q: Time left 0:58:4- 2) John and Maria are both given free tickets to see a movie. Both decide to see…
A: Here, it is given that John and Maria get free movie tickets and they both decided to see the movie.…
Q: 14 An island castaway spends 10 hours each day acquiring two items-coconuts and fish-based on the…
A: Disclaimer :- as you posted multipart questions we are supposed to solve the first 3 questions only…
Q: Tons of sugar (per perlod) 244 225 180 100 3. Quantity of freight trains (per period) Reference: Ref…
A: At point A,quantity of freight trains=1Tons of sugar=244Now,The second freight train is produced at…
Q: QUESTION 1 Which of the following statements is true? 1. Land, capital, entrepreneurial ability and…
A: In economics, economists study about resources that are required during the production process as…
Q: The basic difference between macroeconomics and microeconomics is that: O A. microeconomics is…
A: Microeconomics is considered to be the study of households, individuals and firms and their role in…
Q: Does the WHO support stopping measles vaccination programs? support stopping measles vaccination…
A: Option D The WHO DOESN'T support stopping measles vaccination programs EVEN TEMPORARILY BECAUSE THE…
Q: Which one of the following is a true statement? Select one: O a. Emerging markets were previously…
A: An emerging market is a market that contains some part of the developed market but cannot fulfill…
Q: rights refer to the range of laws, rules, and regulations that define rights for the use and…
A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…
Q: 7- Kareem can produce either a combination of 40 doors and 60 windows or a combination of 50 doors…
A: (NOTE: Graph for Question 6 is not uploaded, so this question cannot be answered) (Question 7)…
Q: DiNozzo Wooden Boats 1 20 Crimes Solved What is DiNozzo's opportunity cost for solving a crime? 30…
A: There is direct relation between production possibility frontier (PPF) and opportunity cost. When…
Q: 4. Choice land has 250 workers and produces only two goods, X and Y. Labor is-the only factor of…
A: A Production Possibility Curve is defined as a curve which shows all the different combinations of…
Q: Which of the following document is NOT a part of the International Bill of Human Rights? O 1.…
A: The United Nations' five key human rights treaties make up the International Bill of Human Rights,…
Q: 6. Which statement is true? L. A negative productivity shock to all goods and services can be…
A: So in simple and general words we can say that the Production possibility frontier is actually known…
Q: Which of the following is not a scarce resource? Select one: O a. Sunshine for solar power in the…
A: Since you have asked multiple questions, we are answering the first one for you. If you want the…
Q: DIRECTION WITH GOOD X Part 11 GOOD X Y QUESTION: DIPT : PLOT THE IN THE HORIZONTAL AXIS Production…
A: Economics refers to the social science that studies the production, distribution, and consumption of…
Q: Country X is faced with the following output combinations for capital goods and consumer goods.…
A: Introduction Production possibility curve is a graphic representation of alternative production…
Q: QUESTION 16 Free trade restricts a nation's ability to specialize in specific commodities that may…
A: Note:- Since we can only answer one ques at a time, we'll answer the first one. Please repost the…
Q: 2. The accompanying hypothetical production possibilities tables are for New Z and Spain. Each…
A: *Answer:
Q: QUESTION 1 Policies for controlling toxic emissions include the following: A. Controlless of toxic…
A: Sovereignty Sovereignty is the supreme supervisor, or agency, in the country's decision-making…
Q: a. Suppose that businesses buy a total of $150 billion of the four resources (labor, land, capital,…
A: The simple two sector circular Flow of Income Model is one of the most fundamental models in…
Q: If your tuition is $5,000 this semester, your books cost $600, you can only work 20 rather than 40…
A: Opportunity cost refers to the value of something that must be given up in order to get some other…
Q: The figure shows an education market in which the government is providing households with vouchers.…
A: Here in this question, a voucher is a token the that government issues for consumption.
Q: Production Production Point chocolate bars cans of cola A 100 10 90 C 20 70 D 30 40 E 40 The above…
A: In economics, opportunity cost can be used to choose one product over another, or it can be used…
Q: It takes Andy 45 minutes to complete a load of laundry and 15 minutes to wrap a present. It takes…
A: It takes Andy 45 minutes to complete a load of laundry and 15 minutes to wrap a present. It takes…
Q: What happens if a country produces a combination of goods that efficiently uses all of the resources…
A: The Production Possibilities Frontier (PPF) is a graph that depicts all of the possible output…
Q: The opportunity cost of writing 1 exam paper for Gary and Evelyn is: (Need help? Read chapter 1.3 of…
A: Opportunity cost is rate of next best alternative. Gary takes 3 hours to complete 1 exam Evelyn…
Q: n of the following is not correct? A typical production possibilities curve indicates how much O…
A: The production possibility curve shows the different combinations of two goods that can be produced…
Q: Dawson went shopping with only $100 on him. He wants to buy a new pair of designer eye glasses and a…
A: Answer: Correct option: (2) Explanation: As Dawson has only $100 with him, and he wants to buy a new…
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 anotherPoint A B C D E Production chocolate bars 0 10 20 30 40 Production cans of cola 100 90 70 40 0 The above table shows production points on Sweet - Tooth Land's production possibilities frontier. Which of the following is an example of a point that is inefficient? A. 0 chocolate bars and 100 cans of cola OB. 38 chocolate bars and 0 cans of cola OC. 32 chocolate bars and 40 cans of cola OD. 20 chocolate bars and 80 cans of cola MEEDI
- 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 ⒸThe following table shows the production possibilities data. Farmer Rancher Table 2-3 Labor Hours Needed to Make 1 Pound of: Meat 8 4 Potatoes 2 5 Pounds produced in 40 hours: Meat 5 10 Potatoes 20 8 Refer to Table 2-3. The farmer and the rancher both could benefit if the farmer were to specialize in a. meat and the rancher were to specialize in potatoes. O b. potatoes and the rancher were to specialize in meat. c. neither good and the rancher were to specialize in both goods. O d. neither good; they cannot both benefit by specialization and trade.Production Production Point chocolate bars cans of cola A 100 B 10 90 C 20 70 30 40 E 40 The above table shows production points on Sweet-Tooth Land's production possibilities frontier. What is the opportunity cost of one can of cola if Sweet-tooth Land moves from point C to point B? Select one: 20 chocolate bars per can of cola O b. 10 chocolate bars per can of cola Oc. 2 chocolate bars per can of cola O d. 1/2 chocolate bars per can of cola
- 1. Home has 1,200 units of labour available. It can produce two goods, cars and televisions. The unitlabour requirementin car production is 3, while in television production it is 2.(a) Graph Home’s production possibility frontier.(b) What is the opportunity cost of cars in terms of televisions?(c) In the absence of trade, what would be the price of cars in terms of televisions? Why?Quèstion 16 any point under the production possibility frontier represent O unemployment O inflation O growth O efficiencyA 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 feasible
- 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…2. Here is the production possibilities table for robots and wheat: Production Alternative Types of Production A B C D E Robots 250 450 650 850 Wheat 130 117 109 89 What is the opportunity cost of moving from point A to point B?Which of the following is not a strength of a market economy? OA. It can adjust to change over time O B. it gives producers and consumers a great deal of freedom O C. it has decentralized decision making OD. there is equitable distribution of resources