A nation's residents can allocate their scarce resources either to producing consumption goods or to producing human capital-that is, providing themselves with training and education. The table below displays the production possibilities for this nation. a) Suppose that the nation's residents currently produce combination A. What is the opportunity cost of increasing production of consumption goods by 10 units? By 60 units? b) Does the law of increasing additional cost hold true for this nation? Why or why not?

The production possibilities curve can best be described as representing the economics principle of a) Scarcity b) Rational vs irrational behavior c) Supply and demand d) Law of unintended consequences

The table below shows the production possibilities for Canada and Japan. Suppose that, prior to specialization and trade, both Canada and Japan are producing combination C. Product DVD players Bushels of wheat Product DVD players Bushels of wheat DVD players 100 80 60 40 20 0 20 A Canada 40 60 A 20 0 A 40 0 Quantity of wheat per period 80 B 15 20 a) Draw the production possibilities curve for Canada in the graph A, and indicate its present output position. Draw the production possibilities curve for Japan in graph B, and indicate its present output position. Plot only the endpoints of each curve in the graphing areas using the appropriate tool. Plot the output combination in each graph using the Point tool. 100 B 30 7.5 CANADA'S PRODUCTION POSSIBILITIES C 10 40 JAPAN'S PRODUCTION POSSIBILITIES с 20 15 Tools PP Curve combination D 5 Trading Possi New combina 60 D 10 22.5 E 0 80 E 0 30

An economy will be operating on a point inside of its production possibilities frontier if there is inefficiency in resource allocations.what is meant by inefficiency ?you may find it helpful to use an example in your answer.

Which of the following would most likely shift the production possibilities curve inward? Otechnological progress an increase in the production of capital goods an increase in the number of hours factories are in use a decrease in the average number of hours worked per week

I need help solving this problem. Thank you!

If society begins by producing 3 units of X and 4 units of Y and then alters production so that it is now producing 4 units of X and 4 units of Y, and we know that the quantity and quality of resources were unchanged and that technology did not change, then: A) 3 units of X and 4 units of Y are a combination best represented by a point outside the production possibilities curve. B) resources were being efficiently utilized at 3 units of X and 4 units of Y. C) society has moved along the production possibilities curve. D) resources were being fully utilized at 3 units of X and 4 units of Y. E) 3 units of X and 4 units of Y are a combination best represented by a point inside the production possibilities curve.

The graph to the right depicts an economy, Home, that produces both flowers and soybeans. Flowers are the labor intensive good and soybeans are the land intensive good. Home presently exports flowers. The graph also indicates Home's optimal point of production, X. Suppose that Home has acquired more land in which it can now produce 12 units of soybeans if all land were devoted toward its production. Using the three-point curved line drawing tool, draw the new production possibilities frontier that indicates this biased growth of land in Home. Properly label this curve. Carefully follow the instructions above and only draw the required object. The growth biased toward land causes OA. export-biased growth. O B. a decrease in the relative price of flowers. OC. a rightward shift of the relative supply curve. O D. import-biased growth. 16- 15- 14- 13- 12- 11- 10- 9- 7- 6- 5- Growth of a Factor Soybean output VV TT 7 8 9 10 11 12 13 14 15 16 Flower output €

QUESTION 9 Oliver is writing CML assessment questions for two introductory economics courses at UQ (ECON1010 and ECON1020), and currently finds himself with a 4-hour period in which he can complete either task. Oliver's production possibilities curve for the next 4 hours is shown below. 16 ECON1010 (questions) 12 8 0 1 1 12 1 1 1 24 36 48 ECON1020 (questions) What is Oliver's opportunity cost of writing (producing) a single ECON1020 question? Answer to the nearest two decimal places. [a] ECON1010 questions.

Suppose the United States produces only two goods: alfalfa and computers. The following graph shows the United States’s current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F.   Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, attainable, or unattainable. Check all that apply. (refer to screenshot for table and graph)