An outward shift of a production possibilities curve can be caused by a. planting a more profitable farm crop b. improving technology c. using idle resources d. changing consumer preferences e. increasing the minimum wage

Q: The following can cause the production possibilities curve to shift to the right? a. Indifference…

A: Answer: Correct option: (d) Explanation: The production possibility curve refers to the curve that…

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: Draw and explain a production possibility frontier for an economy that produces milk and cookies.…

A: Production possibility frontier: Production possibility frontier is the curve that shows the various…

Q: . It is primarily the basis of economic activity a. economics b. scarcity c. social science d.…

A: Economics is the study of human decisions in the face of scarcity.

Q: If resource prices are fixed and the selling price rises, then   a. profits will increase.   b.…

A: Profits are calculated as: Profit=TR-TCTR=P×Q Where, TR(total revenue) is the amount which the…

Q: Normative economics is:    a. An investigation or statement about the norms and culture of other…

A: The study about the scarce allocation of resources among the people of the society is referred to as…

Q: Analyze the role of scarcity in daily life. Explain why prices are flexible and can always change.…

A: The opportunity cost of taking this course is the insight that one can benefit from taking other…

Q: Please refer to the below diagram to answer the following question. Trucks 2000 1800 1600 1400 1200…

A: PPC refers to the graph that shows all of the different combinations of output that can be…

Q: Fill in the blanks using the number that correspond to the correct word or phrase in the word bank…

A: We know that in this world resource is limited, and economics is all about the study and allocation…

Q: According to Adam Smith, the butcher, the baker, and the brewer do what they do because of…

A: Adam Smith economic theory: Adam Smith is a philosopher who has given a theory that market tends to…

Q: The word economics is closely associated with the word a. free b. all of the above c. plenty d.…

A: The global economy is the aggregation of all the economies together. The characteristics of the…

Q: In a market economy, what determines what is produced?          producers seeking…

A: The question is asking about the factors that determine what goods and services are produced in a…

Q: Efficiency is achieved ○ A. when producers are getting the maximum possible output from the…

A: Efficiency is achieved when producers are getting the maximum possible output from the available…

Q: 1. Which of the following statements is a normative as opposed to a positive economic statement?…

A: Normative statements are value or judgment-based. They are opinions and cannot be factually…

Q: In deciding to produce a given good, an individual would always choose A. The process that uses the…

A: To determine the production method that a producer must always choose.

Q: QUESTION 1 Choose the most correct answer to the following questions/phrases. Only write do the…

A: Disclaimer: Since you have asked multiple questions, we will solve the first question for you. if…

Q: mat shows Dimies Good X and Good Y. Type of Goods Production Possibilities A B D. E 2 4. 6 8 Y 30 27…

A: Since, you have asked multiple questions with multiple parts, we will be answering the first three…

Q: The answer to, "What goods are to be produced?" deals with: who gets the goods. Ohow tastes and…

A: The economic problems of  "What goods are to be produced", "How to produce", and "For whom to…

Q: 27. Economists who develop models which they use to make predictions are engaged in a) micro…

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: and whe concepts 1. Scarcity and why it exists 2. Resources. List and define them 3. Selfinterest 4.…

A: economic ideas allude to the assortment of essential thoughts that make sense of different events in…

Q: A. INDICATE WHICH OF THE FOLLOWING IS A POSITIVE OR NORMATIVE STATEMENT  I. "Earnings increase with…

A: Introduction;   Since you have asked a question with multiple sub-parts, we will solve first three…

Q: Explain the following concept 1.scarcity 2.choice 3.opportunity cost 4.resource

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…

Q: Economics is the study of all of the following except: a. how the prices of goods and services…

A: Financial issues are an interesting and complex area to understand how the social order uses limited…

Q: Positive economics is: a. An investigation or statement that attempts to examine or understand how…

A: Positive economics is a stream of economics focused on identifying, quantifying, and explaining…

Q: The Norway spruce trees that are grown in Christmas tree farms are considered? A. Land B. Capital C.…

A: The measure that depicts resources or inputs that are being used in process of production for…

Q: What is commodity A.something that producers unable to sell to consumers B.A resource that is…

A: A commodity is a basic good used in trade that may be exchanged for similar products. Commodities…

Q: H. What G. What is the opportunity cost of the first eleven bottles of water produced? is the…

A:

Q: 1. Economics is the study of a. How much people should buy and the prices they should be willing to…

A: Economics assumes a neighborhood in our day-to-day existence. Concentrating on economics empowers us…

Q: 6. a term referring to the fact that for many goods, as the level of production increases, the…

A: Answer 6) Option c is the correct answer Economic of Scale  Economies of scale are cost advantages…

Q: Draw a production possibilities curve and show the impact of high unemployment and low worker…

A: An explanation of the associated trade-offs and opportunity costs is provided by a production…

Q: State the main characteristics of a Market Economy and explain how Market Economy works?

A: A market economy is an economic system in which economic decisions and the pricing of goods and…

Q: What is “Opportunity Cost”? You win $1000 in a basketball pool. You have a choice between spending…

A: Opportunity cost is the value of anything when a new course of action is selected. Simply put to get…